State Revenues Below Estimates But Treasurer Sees Some Improvement

News9.com

OKLAHOMA CITY – State revenues were below budget estimates again in January despite showing some improvement from the previous month, State Treasurer Scott Meacham announced this afternoon.

Revenue collections for last month were $410.4 million, Treasurer Meacham said.

"We're not out of the woods yet, but we are seeing positive movement," he said.

Revenue collections were $107.6 million, or about 20 percent, below the budget estimate, but income tax and gross production tax collections both showed improvement for the month, Meacham said.

"In January, net income tax collections showed improvement versus what we had been seeing in prior months," Meacham said. "We also received approximately $10 million in gross production tax collections from oil for the first time this fiscal year."

Meacham said revenue collections were sufficient to cover state appropriations after the 10 percent cuts.

An agreement reached last month by the governor and legislative leaders includes a 10 percent reduction in monthly allocations for state agencies for the rest of the fiscal year.

View the General Revenue Comparisons.