State Finances

Oklahoma City, OK – Officials brace for revenue report

OKLAHOMA CITY (AP) State officials are bracing for yet another bleak revenue report.

Oklahoma Treasurer Scott Meacham is scheduled to release the state's revenue collection results for the month of September Tuesday. And it's expected to follow the same downward trend as revenue reports for the months of July and August.

State tax revenue fell by more than 31 percent in August, the eighth consecutive monthly decline in collections.

State Finance Director Mike Clingman continued a 5 percent cut to state agency budget allocations for a second consecutive month, a total reduction of $21 million for the month.

For the first two months of the fiscal year that began July 1, collections totaled $672 million. That was $275.3 million below the prior year and $209.7 million below estimates.

Copyright 2009 The Associated Press.