Oklahoma finance officials say revenue continuing to lag behind projections

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American dollars, Photo: tOrange.us / CC BY-SA 4.0

OKLAHOMA CITY – Oklahoma finance officials say collections by the state’s main operating fund are continuing to trail projections, setting up the possibility of a budget hole even deeper than first predicted.

Secretary of Finance Preston Doerflinger released figures on Wednesday showing collections to the state’s General Revenue Fund missed December’s monthly estimate by more than 12 percent. Overall collections for the first six months of the fiscal year were off by nearly 3 percent.

Oklahoma lawmakers already are projected to have a shortfall of about $870 million for spending on next year’s budget. But that hole could grow if collections continue to sag.

Doerflinger is Gov. Mary Fallin’s chief budget negotiator and reiterated Wednesday that lawmakers will need to find more recurring revenue sources to help close the budget gap.