Gov. Mary Fallin speaks Tuesday at the third annual STEM Summit, held at the Cox Convention Center.

­­­­­Facing falling revenues amid an oil industry downturn, Gov. Mary Fallin ordered state agencies Monday to prepare to cut nonessential expenses by 10 percent.

In her executive order, she also placed a moratorium on taxpayer-funded, out-of-state travel.

"I'm asking every agency to start planning for potential spending cuts and to develop a strategy that protects essential services," she said. "It's important we get ahead of this issue as we enter a difficult budget year. Families and businesses tighten their belts during lean times; our state agencies can do the same."

If state tax receipts continue to fall, a revenue failure could be declared, requiring immediate spending cuts. State officials are trying to restrict some expenditures now to ward off such a failure.