Meacham: Economic Downturn Finds Us

From The Treasurer's Office ~ It appears the downturn in the U.S. economy has found its way to Oklahoma, State Treasurer Scott Meacham announced today.

Oklahoma's General Revenue Fund collections dropped significantly below prior year collections and the estimate in the month of January.

Preliminary reports show General Revenue Fund collections for January totaled $492.8 million. That amount is $45.5 million or 8.5 percent below the prior year and $50.8 million or 9.3 percent below the estimate.

"It would appear that Oklahoma is increasingly seeing the effects of the nationwide recession," said Meacham. "This is the first time in nine months that monthly collections have been lower than both the previous year and the estimate."

In spite of the reduction in collections, Meacham said it appears the state is positioned to finish the fiscal year with sufficient revenue to meet the state's financial obligations.

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