State Revenue Dips in August

Sep 10, 2013

OKLAHOMA CITY (AP) — State finance officials say unusually high income tax refunds are partly responsible for a more than 10 percent drop in August revenue collections to Oklahoma's general revenue fund that is used to finance state government. Secretary of Finance Preston Doerflinger (DOR'-fling-ur) says total collections last month to the state's general revenue fund were $347.6 million. That's a decrease of $38.8 million from the same month one year ago. Doerflinger says the dip was a "single-month anomaly" rather than a reflection of the state's economy. He says the August drop was caused mainly by a reduction in income tax collections of more than $40 million, almost 30 percent, from the same month last year. The Oklahoma Tax Commission reported it was processing more corporate and personal income tax refunds than usual.  Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Preston Doerflinger
Credit courtesy Preston Doerflinger