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Oklahoma revenue collections rise slightly during January

Oklahoma revenue collections rise slightly during January

STATE OFFICIALS STILL EXPECTING A $530 MILLION DEFICIT BY JUNE 30

NewsOK

BY MICHAEL MCNUTT

Published: February 10, 2010

State revenue collections continue to come in below projections, but not as severely as the previous two months.

Collections for January came in both below the estimate and the amount collected for the same month last year, state officials said Tuesday. It’s the 13th straight month that revenue collections have fallen below both the estimate and prior year collections

As a result, state officials are looking at a deficit of about $530 million by June 30, the end of the current 2010 fiscal year. The governor and legislative leaders have reached an agreement on how to deal with this fiscal year’s deficit, but have yet to come to terms on how much money will come from each of the state’s available reserve accounts to balance the budget.

Reports show general revenue fund collections in January totaled $410.4 million. That is $82.4 million, or 16.7 percent, below the same month last year and $107.6 million, or 20.8 percent, below the estimate... FULL ARTICLE

 

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