State Revenue Collections Exceed Budget Estimates for First Time Since 2008

NewsOn6.com

OKLAHOMA CITY -- State revenue collections for February exceeded the official estimate for the first time since December 2008, State Treasurer Scott Meacham announced Tuesday.

Oklahoma collected $220.6 million in February, about $800,000 more than estimated by state officials.

Treasurer Meacham said gross production taxes on oil are providing a much-needed boost in revenue collections.

"We received $25 million in gross production taxes on oil in February, while the official estimate anticipated no oil gross production taxes would be deposited to the General Revenue Fund for the entire fiscal year," he said.

While the state's revenue is improving, a 10 percent reduction remains in effect for state agencies.

Tuesday's announcement came as state employees rallied at the capital over concerns that budget cuts could cost them their jobs.

View the full revenue report.

"The budget shortfall is going to affect every one of us," OPEA President Connie Stockton said in a statement.

"We'll either see our jobs cut and be on the unemployment line or our co-workers will be cut and we'll be left picking up the slack and doing their job in addition to ours."