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.
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State Revenue Dips in August
courtesy Preston Doerflinger