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Oklahoma Revenue Lag Extends To Four Months
posted 12:13 pm Tue May 13, 2008 - Oklahoma City
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State tax collections have failed to meet expectations for the fourth month in a row.
But officials say a revenue cushion built up from earlier collections should allow the state to pay its bills for the current fiscal year ending June 30 without budget cuts.
A revenue report released Tuesday by state Treasurer Scott Meacham showed that tax collections in April were 3.5 percent below the prior year and 3.4 percent below the estimate upon which the current budget is based.
Both individual income and corporate taxes were down, as were sales taxes. The state's revenue picture was bolstered by gross productions taxes on oil and gas, which were up 85 percent from the previous year.
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