Updated: 6:19 p.m. Monday, June 13, 2011 |
Posted: 2:32 p.m. Monday, June 13, 2011
KRMG.com
By TIM TALLEY
The Associated Press
OKLAHOMA CITY — Oklahoma's strengthening economy and higher-than-expected state revenue collections last month make it likely that a bigger-than-expected deposit will be made to the depleted constitutional Rainy Day reserve fund, the head of the Office of State Finance said Monday.
The balance of the state's savings account stands at a mere $2.03 after reaching a record of $596.6 million, money that was tapped by state lawmakers as they worked to close budget shortfalls caused by declining tax revenue during the national recession.
But state Finance Director Preston Doerflinger said general revenue fund collections in May far exceeded collections during the same month a year earlier, and show that Oklahoma's economy is generating more state tax revenue than originally estimated for the fiscal year that ends June 30.
"The outlook continues to be bright for the Oklahoma economy, barring something catastrophic on the national level," Doerflinger said.
The Rainy Day deposit will be made in July after the end of the current fiscal year and the exact amount will not be known until then. But Doerflinger said it will be substantially higher than the $71.1 million forecast in February... FULL ARTICLE
Posted on
Mon, June 13, 2011
by John Cox