Oklahoma Revenue Collections Continue To Plummet In January

Oklahoma's treasurer says overall receipts to the state treasury plummeted more than 13 percent in January compared to last year, spelling more bad news for the state's economy.

Treasurer Ken Miller says the $150 million plunge in overall collections last month is the largest decline since he began tracking them in March 2010.

Miller says collections from every major revenue stream in January were smaller than during January 2015, including income, sales and motor vehicle tax collections. Overall collections from oil and natural gas production were down more than 50 percent.

Oklahoma lawmakers already are facing a $900 million hole in the budget for the upcoming fiscal year. That number is expected to exceed $1 billion when final revenue figures are certified later this month.