Oklahoma finance officials brace for steep revenue losses

Oklahoma

FILE – In this Aug. 14, 2019, file photo is Oklahoma’s Office of Management and Enterprise Services Director Steven Harpe, in Oklahoma City. Revenue collections to Oklahoma’s main state operating fund were just 3.6% below projections last month, but state finance officials warned Tuesday the biggest hit is expected over the next three months. (AP Photo/Sue Ogrocki, File)

OKLAHOMA CITY (AP) — State finance officials say collections to Oklahoma’s main operating fund were just 3.6% below the projected estimate.

But Office of Management and Enterprise Services Director Steve Harpe warned Tuesday that the biggest hit on the state’s General Revenue Fund will come in the last quarter of the fiscal year.

That’s when Harpe said the state will feel the full effect of $20-per-barrel oil compounded with the economic shutdown amid the coronavirus.

He says revenue from income tax collections that has helped prop up collections are expected to plummet in April amid tax-filing extensions. 

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