News9.com - Oklahoma City, OK - News, Weather, Video and Sports | State's Oct. revenue collections below projections
Associated Press - November 10, 2009 3:45 PM ET
OKLAHOMA CITY (AP) - State revenues came in below expectations again in October, the 10th straight month that's happened, but state Treasurer Scott Meacham says there is hope that economic conditions are improving in Oklahoma.
Meacham said Tuesday the state's general revenue fund collections in October were $374.4 million. That's $116.1 million, or 23.7 percent, below the previous year.
It's also $83.3 million, or 18.2 percent, below the state's budget estimate.
Meacham says that he is "cautiously optimistic" that the October numbers indicate the state's economy has bottomed out and that improvement in revenue collections could come soon.
Financial officials have ordered 5 percent cuts in budget allocations to state agencies through the end of June because of declining revenue.
Officials say revenue has dropped because of low oil and natural gas prices and the depressed economy.
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