State Officials Project $306-Million Savings Deposit
OKLAHOMA CITY (AP) — State finance officials say Oklahoma is expected to make a record $306 million deposit into its Rainy Day Fund this week after the final revenue figures from the 2012 fiscal year are totaled.
But figures released Tuesday by the Office of State Finance showed collections to the state's general revenue fund in June were down by about $45 million compared to June 2011. The decline is mostly because of a nearly 60 percent drop in tax collections on oil and natural gas production.
Despite the dip in June, overall collections to the state's general revenue fund in fiscal year 2012 totaled $5.5 billion. That's an increase of nearly 8 percent over collections from fiscal year 2011.
This week's Rainy Day Fund deposit brings the total balance to $556 million.