Corporate Tax Collections Below Forecast
6:52 pm
Tue June 10, 2014

Oklahoma General Fund Collections Trail Estimate

Credit 401(K) 2013 / Flickr Creative Commons

State finance officials say revenue to Oklahoma's main government operating fund trailed the official estimate by more than 5 percent last month, due mostly to lower-than-expected corporate income tax collections.

Oklahoma Secretary of Finance Preston Doerflinger reported Tuesday that General Revenue Fund collections in May totaled about $450 million, which is 5.3 percent below the official estimate.

The fund is the primary one that pays for the operation of state government, and overall collections for the current fiscal year that ends June 30 are 4.8 percent below the estimate used for the budget. That's barely below a 5 percent cushion that should prevent automatic budget cuts to state agencies.

Corporate refunds totaling $15 million in May was blamed for most of the month's decline in collections.