OKLAHOMA CITY- The State Department of Education announced Tuesday that there will be a revenue shortfall of 16.3 million dollars to the Common Education Technology Revolving Fund.
This is one of six funding sources used to create the state’s 2016 State Aid Funding Formula.
The other five sources are the General Revenue Fund, the Education Reform Revolving Fund, the Mineral Leasing Fund, the Oklahoma Lottery Trust Fund, and the Constitutional Reserve Fund (or the Rainy Day Fund).
The Common Education Technology Revolving Fund is based on tax revenue from the gross production of oil.
The original appropriations for the Common Ed Tech Fund was 47.3 million dollars.
After the June deposit of 2.5 million dollars, the total came to 31 million dollars.
The shortfall will make adjustments to the school district’s June allocations.