Ponca City, OK

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Wednesday

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Oklahoma revenue collections lagging; more cuts possible

The Associated Press - May 10, 2017 12:06 pm

OKLAHOMA CITY (AP) – Oklahoma finance officials say revenue collections are continuing to fall below the official estimate, setting up the possibility of more cuts to schools, prisons and health care before the fiscal year ends June 30.
State Secretary of Finance Preston Doerflinger released figures on Tuesday that show April collections to the state’s main operating fund were nearly 13 percent below the estimate.
Doerflinger already declared a revenue failure in February and ordered cuts to agency allocations by nearly 1 percent. If collections continue to lag, further cuts to agency budgets may be necessary before the end of the fiscal year.
Of the state’s main revenue sources, total income tax collections were nearly 20 percent below the estimate and nearly 3 percent below April collections last year.

 

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