State general revenue collections meet expectations in October
OKLAHOMA CITY — General revenue fund collections in October remained on track with projections and ahead of a year ago, the Office of Management and Enterprise Services said Tuesday.
General revenue for the month was $436.4 million, or $2.5 million above projections.
Collections for the first four months of fiscal year 2018 are 0.6 percent above expectations.
But general revenue is 8.4 percent higher than for the same four months a year ago, prompting some lawmakers to say they expect the tight budget situation of the past few years to alleviate somewhat.
Finance Secretary Preston Doerflinger warned against counting on such a respite.
“A revenue failure does not seem to be in the forecast, but neither does a healthy surplus, so maintaining (current) levels of funding to core services will require continued discussion, cooperation and effort,” Doerflinger said. “If the Legislature desires a different path forward, I urge them to begin putting those plans together now so they can be discussed during the next regular session.
“As we look ahead to the 2018 regular session with a structural deficit likely over $650 million, anyone who thinks we can somehow overcome that before the December Board of Equalization meeting is mistaken. No one … should take their foot off the gas in looking for solutions to funding core services.”
Perhaps the single largest boost to Oklahoma revenue was an additional sales tax on automobiles. It brought in $9.5 million in October.
Other sales and use taxes were also up significantly, as were gross production collections and revenue from other sources.