Caution needed as tax collections continue slide
OKLAHOMA CITY — General Revenue Fund (GRF) collections in December missed the official monthly estimate by 12.3 percent and are 2.7 percent below the estimate for the first six months of the fiscal year as most major tax categories lagged behind projections.
“The news is not as good as we might have hoped coming out of the holiday season,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “This will be a challenging time as we face a nearly $900 million budget hole and a necessity to find more recurring revenue sources. As I’ve said many times, we’re not going to cut our way out of this situation.”