Oklahoma revenue collections were 10% below estimate

Oklahoma

OKLAHOMA CITY (AP) — State finance officials say overall collections to the state’s main operating fund were more than 10% below projections for the 2020 fiscal year.

The Office of Management and Enterprise Services reported Thursday that total collections to the general revenue fund were $6.27 billion for the fiscal year ended June 30, 10.2% below the estimate.

It said that a combination of plummeting energy prices and the economic effect of coronavirus-related shutdowns caused the shortfall.

But OMES Director Steven Harper also had some good news: The overall revenue shortfall for the fiscal year was about $50 million less than projected in April.

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