Oklahoma Treasurer: Major revenue streams down in October
Ponca City Now - November 4, 2015 8:36 am
OKLAHOMA CITY (AP) – Oklahoma finance officials are reporting more grim fiscal news, with every major revenue stream to the state’s treasury declining last month compared to the same month in 2014.
State Treasurer Ken Miller released figures on Tuesday that shows collections to the state treasury in October totaled $918 million. That figure is $95 million, or about 9 percent, less than October 2014.
It’s the sixth consecutive month that gross receipts to the treasury were lower than the same month in 2014.
All of the major revenue streams contracted for the month, including oil and natural gas production taxes, motor vehicle taxes, income taxes and sales taxes.
Miller says the decline is attributable to a "spillover effect" from low oil prices. Benchmark U.S. crude closed Tuesday at $47.90 a barrel.