Comment on Oklahoma revenue misses mark by more than 10 percent

Oklahoma revenue misses mark by more than 10 percent

By RICK M. GREEN Capitol Bureau rmgreen@oklahoman.comIf tax receipts continue to decline at last month's double-digit pace, state spending cuts could be required to keep the budget balanced, Oklahoma Finance Secretary Preston Doerflinger said Tuesday. General revenue fund collections in October missed the official estimate by 10.2 percent as low oil prices punish the state economy. A 5 percent cushion is built into the state budget, but if falling revenue eats up that safety margin, state spending reductions would be triggered. "The numbers don't lie: The state burned through half its cushion in October alone," Doerflinger said. "The possibility of a revenue failure is still a way off, but could happen if there are more months like October.Read more on NewsOK.com

 

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