Oklahoma finance officials say revenue continues to lag
OKLAHOMA CITY – State finance officials are releasing more bad news about Oklahoma’s economy, announcing that revenue collections to state government’s main operating fund are continuing to trail official estimates.
Figures released on Tuesday show collections to the state’s General Revenue Fund in January were 3.4 percent below projections.
For the first seven months of the fiscal year, collections are now 2.8 percent below the official estimate.
If collections fall more than 5 percent below the estimate, state finance officials would be forced to declare a revenue failure and slash funding to state agencies, including public schools.
Oklahoma’s Secretary of Finance Preston Doerflinger says the figures show Oklahoma’s economy still has not recovered and underscore the need to approve some of Gov. Mary Fallin’s proposed tax increases.