OKLAHOMA CITY (AP) — A panel led by Oklahoma Gov. Kevin Stitt is expected to declare a revenue failure for the current fiscal year as plummeting oil prices and dwindling tax collections batter the state budget.

The Board of Equalization will meet early next week in a move that will allow the state to tap into some of the roughly $800 million in the state’s Constitutional Reserve Fund, commonly called the Rainy Day Fund, said Sen. Roger Thompson, chairman of the Senate Appropriations Committee. The state has another $200 million in a separate savings account.

Thompson, R-Okemah, said state revenue collections are expected to fall about $220 million short of projections for the current fiscal year that ends June 30, while the shortfall for next fiscal year is expected to be at least $415 million.

Thompson said Oklahoma also is expected to receive about $1.5 billion from the federal stimulus bill, with about $844 million for the state and the rest earmarked for cities and counties.