Oklahoma Financial Officials Warn Of Upcoming Problems
OKLAHOMA CITY, Oklahoma - While the state government is seeing record revenue, Oklahoma financial officials are warning about upcoming problems.
Last month, the general revenue fund received $620 million, almost nine percent higher than the monthly estimate. That's mostly because of oil and gas taxes.
But John Budd, Oklahoma's new Chief Operating Officer, says those collections reflect October production levels of oil. At the time, oil was about $70 per barrel.
But now, it's just $52 per barrel which could have a big impact on the future state budget.