March Oklahoma revenue misses mark by 9.1 percent

By: From Wire Reports
By: From Wire Reports

OKLAHOMA CITY (AP) - Oklahoma's finance secretary says collections by the general revenue fund fell 9.1 percent below the official estimate in March.

Secretary of Finance Preston Doerflinger says the state experienced another month of unusually low corporate income tax revenue last month. Doerflinger says the decline followed a major increase in tax credit claims.

March collections totaled $413 million - or 9.1 percent - below the official revenue estimate upon which the current fiscal year's appropriated state budget is based.

Doerflinger says March's weak collections rekindled the possibility of mandatory cuts for all state agencies for the budget year that ends on June 30.

For the first three quarters of the current fiscal year, collections totaled $3.9 billion. That is $215 million, or 5.2 percent, below the official estimate for the nine-month period.

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