The State Department of Education announced a revenue shortfall of $16.3 million to the Common Education Technology Revolving Fund.
This is one of six revenue sources used to make up the state appropriation for Fiscal Year 2016 to the state aid funding formula. Other sources include the general revenue fund, the education reform revolving fund (1017 fund), the mineral leasing fund, the Oklahoma Lottery Trust Fund and the Rainy Day Fund.
The June deposit to the Common Ed Tech Fund is $2.5 million, bringing its total revenue for FY16 to $31 million. This is $16.3 million below the original appropriation of $47.3 million.
A shortfall in the Common Ed Technology Fund will result in an adjustment to school district allocations in their June payments.
The Common Education Technology Revolving Fund is based on tax revenue from the gross production of oil.