Revenue collections are expected to give a larger-than-expected deposit in Oklahoma's savings account.
NewsOK
BY MICHAEL MCNUTT mmcnutt@opubco.com
Published: June 13, 2011
Continued brisk state revenue collections in May will result in the state's depleted savings account getting a much bigger deposit than expected, the state's finance director said Monday.
Led by strong income and sales tax receipts, state revenue collections for the first 11 months of this fiscal year are outpacing receipts of a year ago by almost 10 percent, according to the state finance office.
It's certain the deposit into the state's Rainy Day Fund will be more than the $71.1 million estimated earlier this year by state officials, state Finance Director Preston Doerflinger said.
“It could easily double that amount,” he said.
The Rainy Day Fund could use it: The state's savings account now contains $2.03.
Legislators last year spent all but $100 million of the record $596.6 million in the fund to help balance the 2010 and 2011 fiscal year budgets.
The remaining $100 million was set aside to help with the 2012 fiscal year, which starts July 1... FULL ARTICLE
Posted on
Mon, June 13, 2011
by John Cox