February General Revenue Collections Miss the Mark by 18 Percent
More bad news for Oklahoma’s state budget.
Oklahoma’s general revenue fund collections were short more than $49 million dollars last month. Collections missed estimates by 18 percent, the biggest gap this fiscal year.
John Estus with the Office of Management and Enterprise services said a big part of that is a lag in oil price changes affecting revenue collections.
"That $25 to $30 a barrel oil price environment that you saw in November, December and January will be realized in February, March and April," Estus said.
March and April collections will likely miss the marks, too.
Collections so far this fiscal year are 9 percent below estimates, leading to two revenue failures. Estus said midyear agency budgets have totaled about 7 percent so far.
"Hopefully, that holds for the rest of the year," Estus said. "We think it will be sufficient, but we cannot rule out the potential that we might have to do another reduction."
OMES is Oklahoma's financial service agency. It issues monthly reports on general revenue fund collections.