State Revenue

OKLAHOMA CITY (AP) — Overall collections to the state’s main operating fund for fiscal year 2020 were more than 10% below projections as the state’s economy reeled from slumping energy prices and the economic impact of COVID-19, state finance officials reported on Thursday.

Total collections to the general revenue fund for the fiscal year that ended June 30 were $6.27 billion, which was 10.2% below the estimate, the Office of Management and Enterprise Services reported.

Oklahoma State Treasurer

As the COVID-19 pandemic continued through May, Oklahoma’s gross receipts dropped 14% from the same month a year ago, a more than $150 million decline.

Deputy Treasurer for Communications Tim Allen said the only month with a steeper decrease from the prior year he can recall is April, when gross receipts were down 30% from 2019.

"But that was exaggerated in April because the individual income tax payment deadline was moved from April 15 to July 15," Allen said.

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OKLAHOMA CITY (AP) — Collections to Oklahoma’s main government operating fund missed projections by 44% last month, the biggest shortfall in modern history, state finance officials said Tuesday.

Postponing the income tax deadline from April to July, plummeting energy prices and the coronavirus-related shutdown of businesses across the state amounted to a “threefold economic gut punch,” said Office of Management and Enterprise Services Director Steve Harpe.

Office of the State Treasurer

OKLAHOMA CITY (AP) — Revenue collections in Oklahoma fell by half a billion dollars in April from a year ago as an economic slowdown caused by the coronavirus pandemic swept the state, Treasurer Randy McDaniel said Thursday.

Gross receipts fell $502.5 million to just under $1.1 billion, down 31.8% from April 2019, McDaniel said.

Income tax collections fell by 50.5% to $405.8 million. McDaniel noted that the filing deadline for income taxes was postponed from April 15 until July 15 because of the pandemic.

While the debate in Washington, amid these dreaded days of "sequestration," is about whether to increase revenues or cut spending --- or somehow achieve a compromise that does both --- here in Oklahoma, the state legislature is (once again) looking to reduce tax revenues. This comes despite the fact that our state currently has a number of extremely pressing needs vis a vis education, DHS, corrections, and infrastructure --- as well as, of course, the long-term and likewise urgent problem of pension liabilities.

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OKLAHOMA CITY (AP) — The Office of State Finance reports revenue collections for the first month of the 2013 fiscal year were up $6.4 million over last year and about $20 million above the official estimate.

Finance Secretary Preston Doerflinger  said Tuesday July collections totaled $389.1 million.