The Norman Transcript
May 16, 2008 12:25 am
—
The savings account check is often the last deposit made each month by working families.
That's the case with the state budget, too. Oklahoma's declining revenue situation will likely keep lawmakers from making a deposit in the rainy day fund.
Treasurer Scott Meacham says the final two months of the fiscal year -- May and June -- will likely bring in enough to pay the bills but there will be little left over to deposit in the rainy day fund which now has accumulated nearly $572 million.
April tax collections were off by about 3.5 percent from the previous year and down 3.4 percent below the estimate. Deposits are made when collections exceed 100 percent of the estimate for the fiscal year.
For the month, April showed lower income tax and sales tax collections. The federal government's economic stimulus package should put more money into circulation, creating some additional sales taxes that could start showing up in next month's report.
Copyright © 1999-2008 cnhi, inc.