General revenue funds below budgeted estimates
Ponca City Now - July 30, 2015 8:59 am
OKLAHOMA CITY (AP) – Governor Mary Fallin’s secretary of finance says revenue figures indicate collections by the state’s general revenue fund during the past year were 2.2 percent below the estimate on which the state budget is based.
Preston Doerflinger, secretary of finance, administration and information technology, said Wednesday collections during the fiscal year that ended June 30 were $5.7 billion, about $130 million or 2.2 percent below the estimate. However, Doerflinger says collections were $98.5 million, or almost 2 percent, above the prior year’s revenue.
The fund is the state government’s main operating fund and a key indicator of its fiscal status. It is also the predominant funding source for the annual state budget.
Doerflinger says collections last year fell due to low oil prices and that the state continues to face challenges.