Meacham: State Revenue Continues Slump

From The Treasurer's Office ~ Oklahoma’s continued participation in the national recession is reflected in April revenue reports as collections again dropped below the prior year and failed to meet estimates, State Treasurer Scott Meacham said today.

Preliminary reports show general revenue fund collections for April were $513.4 million.

That amount is $141.3 million or 21.6 percent below the prior year; and $137 million or 21.1 percent below the estimate.

For the first 10 months of the fiscal year, collections total $4.72 billion. That is $107.9 million or 2.2 percent below the prior year and $171.4 million or 3.5 percent below the estimate.

“The April numbers were not particularly good. We experienced lower income tax, motor vehicle and gross production collections that are reflective of the national recession and its continued effects in Oklahoma,” Meacham said. “We did see some bright news this month as sales tax collections were higher than the same month last year.”

Meacham said the trend with falling revenue collections now appears to be deeper than Tax Commission projections presented in February and the margin to avoid a revenue shortfall in the final month of the fiscal year has become very thin.

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