Oklahoma Shortfall: Tough Times Getting Tougher

By Associated Press

Oklahoma City, OK – Recession hits state revenue

OKLAHOMA CITY (AP) State Treasurer Scott Meacham says the nationwide recession is having a deep impact on state revenue.

Meacham said Tuesday that collections during the month of June were enough to fund the state's obligations for July, the first month of the new fiscal year. But he says a revenue shortfall is probable in the coming months.

Meacham says it is very likely that revenue during the 2010 fiscal year will be less than originally estimated by the Tax Commission.

Preliminary reports show general revenue fund collections for the 2009 fiscal year that ended in June totaled about $5.5 billion.

That amount was $434.7 million, or 7.3 percent, below the prior year. It was also $427.8 million, or 7.2 percent, below the estimate.