Preliminary figures show Oklahoma revenue failure likely

Posted at 8:19 AM, Feb 21, 2017
and last updated 2017-02-21 09:19:24-05

OKLAHOMA CITY (AP) - Oklahoma revenue officials are likely to declare a revenue failure when a state board meets Tuesday to certify the amount of state revenue lawmakers have to appropriate next year.

Preliminary figures from the Office of Management and Enterprise Services indicate collections by the general revenue fund are projected to fall 5.7 percent below estimates.

Finance officials are forced to declare a revenue failure when collections fall more than 5 percent below estimates. Funds allocated to state agencies are reduced by the amount necessary to bring spending into balance with actual revenue collections.

The Board of Equalization, including Gov. Mary Fallin and other state officials, is scheduled to meet Tuesday to certify revenue for the fiscal year that begins July 1. General revenue collections in January were 3.4 percent below projections.

Stay in touch with us anytime, anywhere.

Download our free app for Apple and Android and Kindle devices.

Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.

Follow us on Twitter

Like us on Facebook