- Associated Press - Tuesday, October 13, 2015

OKLAHOMA CITY (AP) - Oklahoma finance officials say revenue collections to the state government’s main operating fund are continuing to slide, increasing the possibility of a revenue failure and mandatory cuts in allocations to state agencies before the end of the fiscal year.

The Office of Management and Enterprise Services reported Tuesday that collections to the state’s General Revenue Fund in September were about 1 percent below the estimate upon which the current year’s budget is based.

State budget writers build a 5-percent “cushion” to cover any shortfall between collections and the estimate. And while the 1 percent shortfall for the first quarter won’t trigger any cuts, Finance Secretary Preston Doerflinger warns “the road ahead will be rockier.”

Doerflinger says he’s particularly concerned about the state’s economy contracting because of low oil prices.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide