KGOU

oklahoma revenue

State agencies in Oklahoma are being told to brace for budget cuts after a state board led by Gov. Mary Fallin certified that the Legislature will have $611 million less to spend this year.

The State Board of Equalization met Tuesday in Oklahoma City and formally certified the amount of revenue that is available for the Legislature to appropriate to state agencies for the fiscal year that begins July 1.

Prediction: Next Year's State Budget To Be Flat

Nov 13, 2014
Finance Secretary Preston Doerflinger
Oklahoma PCA / Flickr Creative Commons

Secretary of Finance, Administration and Information Technology Preston Doerflinger warned Thursday that next fiscal year’s state appropriated budget will be flat.

Doerflinger’s comments came in his monthly General Revenue Fund report. The report showed General Revenue Fund (GRF) collections in October totaled $471.6 million. That was $3.4 million, or 0.7 percent, above the official estimate upon which the FY2015 appropriated state budget is based and $23.3 million, or 5.2 percent, above prior year collections.

A Billion Dollar Month For State Government

Oct 6, 2014

State government made a lot of money in the month of September.  State Treasurer Ken Miller reports gross receipts topped $1 billion which set a new record. 

That is more than 8% above what the state brought in for the same month a year ago and Treasurer Miller says it, "indicates healthy (economic) expansion in Oklahoma."

Nicholas Henderson / Flickr

Two House members have requested interim studies that would examine Oklahoma’s revenue streams. 

The requests come after Gov. Mary Fallin and her top budget advisor, Secretary of Finance, Administration and Information Services Preston Doerflinger, who serves as the governor’s top budget advisor, began stressing in December the impact allocation of state revenues to specific purposes has on General Revenue Fund collections.

State of Oklahoma

Oklahoma's state treasurer says collections from the state's major revenue sources indicate the state's economy remains strong.

Treasurer Ken Miller released his office's revenue report for the month of May on Tuesday. It shows gross collections for the month are almost 2 percent ahead of the same month last year. Receipts for the past 12 months are more than 3 percent higher than the previous 12 months.

Oklahoma Treasurer Ken Miller is warning state policymakers that a reduction in Kansas' bond rating should serve as a "wake-up call" that a potential downgrade could happen in Oklahoma, despite the state's growing economy.

Finance Secretary Preston Doerflinger
Oklahoma PCA / Flickr Creative Commons

Oklahoma's finance secretary says collections by the general revenue fund fell 9.1 percent below the official estimate in March.

Secretary of Finance Preston Doerflinger said Tuesday the state experienced another month of unusually low corporate income tax revenue. Doerflinger says that the decline followed a major increase in tax credit claims.

russavia / Creative Commons

State lawmakers will have even less revenue to appropriate this year for state services than initially projected, in large part due to volatile corporate income tax collections.

oklahoma capitol facade
KellyK / Flickr Creative Commons

State finance officials say collections to Oklahoma government's main operating fund improved in January, lessening the chance that mandatory budget cuts will be ordered for the current fiscal year.

Figures released Tuesday by the Office of Management and Enterprise Services show January collections to the General Revenue Fund totaled $610 million. That amount is 6.5 percent above the official estimate used to build the current year's state budget.

Secretary of Finance, Administration and Information Technology Preston Doerflinger said Tuesday General Revenue Fund collections for the first half of the fiscal year remain below the estimate, but adequate to avoid across-the-board spending cuts through the remainder of the year.

“At this time, total revenues are below the estimate but still adequate to make it through the current year without mandatory spending reductions,” Doerflinger said in a release.

State of Oklahoma

State finance officials say Oklahoma's economy is continuing to grow, but the pace appears to have slowed in 2013.

State Treasurer Ken Miller released figures on Monday that show overall gross collections to the state treasury in 2013 increased by 3.2 percent over the previous year.

Miller says all major sources of revenue saw improvement in 2013, although not as robust as growth during the previous few years.

Finance Secretary Preston Doerflinger
Oklahoma PCA / Flickr Creative Commons

Oklahoma’s top finance official says state agencies should prepare for reduced or flat budgets in the next fiscal year.

“It will be tight,” Secretary of Finance Preston Doerflinger said describing the prospects for the 2015 fiscal year budget.

Early estimates show the Legislature will have about $6.9 billion to appropriate for the fiscal year that begins July 1. That's about $273 million, or 3.8 percent, less than lawmakers spent on the current fiscal year.

Finance Secretary Preston Doerflinger
Oklahoma PCA / Flickr Creative Commons

Oklahoma finance officials say collections to the main operating fund used to pay for state government continue to trail the official estimate, a trend that could lead to budget cuts for state agencies if it continues.

Oklahoma's Secretary of Finance Preston Doerflinger released figures on Wednesday that show collections to the state's general revenue fund trail by nearly 8 percent the official estimate upon which the state budget is based. So far for the first five months of the current fiscal year, collections have trailed the official estimate by about 6.5 percent.

State of Oklahoma

Oklahoma's economy continued to grow last month.

State Treasurer Ken Miller says gross receipts were up by 7.3 percent, or $58 million, compared to November 2012.

State of Oklahoma

State Treasurer Ken Miller says overall collections for June were down compared to the same month last year, but that as the fiscal year ended Sunday, collections outpaced 2012.

Gross receipts for the month of June were about $976 million, a decrease of about 1.9 percent from June 2012.

“While our monthly numbers are down slightly, the broader picture of annual collections indicate moderate expansion of Oklahoma’s economy,” Miller says. “Broad indictors show there is still reason to be optimistic about our state’s financial course.”