Oklahoma City's Tax Revenue Down

The economy is hitting Oklahoma City. The city's tax revenue is $2 million below target for July.

Sunday, August 9th 2009, 11:21 pm

By: News 9

News9.com

OKLAHOMA CITY -- The economy is hitting Oklahoma City. The city's tax revenue is $2 million below target for July.

The revenue shortage is 9.7 percent less than last year and about 12.5 percent less than the city had hoped.

In a report by the city manager, the drop is blamed on a slowed economy. But Mayor Mick Cornett said he expects the situation to turn around next month.

"Now we're looking at this fiscal year which started on July 1, and I think we've bottomed out. I think this last check is going to be the worst one we get. I think the next one won't be as bad, and hopefully we'll start gradually moving in the other direction," Mayor Cornett said.

The mayor said in spite of the drop in revenue, Oklahoma City is still in good shape.

He said Oklahoma City has the lowest unemployment in the country and construction projects are coming in less than expected which is helping get the budget back on track.