Oklahoma revenue collections continue skid, trail estimate

OKLAHOMA CITY (AP) – Oklahoma’s dire economic news continues to worsen as state finance officials report that collections to the state’s main operating fund in January were below the official estimate by more than 17 percent, or about $105 million.

The Office of Management and Enterprise Services reported Tuesday that collections last month also trailed those from January 2015 by 16 percent, or nearly $100 million. The continued skid in collections prompted Oklahoma’s Finance Secretary Preston Doerflinger on Monday to warn agencies that deeper cuts are coming to state agencies in March beyond the current 3 percent cuts already ordered.

Besides the deeper cuts this year, the decline also indicates that a $900 million hole in next year’s budget likely will be even larger when the final revenue figures are certified next week.