OKLAHOMA CITY — General revenue receipts just missed expectations in December but exceeded the previous year’s total for the month, the Office of Management and Enterprise Services reported Wednesday.
“Year-to-date collections for fiscal year 2020 continue to be above the estimate, in spite of the slight decrease in the December monthly figure,” said OMES Director John Budd. “Barring a nationwide slowdown or further deterioration in the oil and gas sector, we expect to remain well within the 5% cushion built into the general revenue budget.”
The state’s budget is built around a general revenue projection finalized in February for the fiscal year that begins July 1. Only 95% of certified revenue can be appropriated, resulting in the 5% cushion to which Budd referred.
December’s general revenue was $631.8 million, 1.4% below projections. It was 1.8% above the same month a year earlier.
Through the first six months of FY 2020, general revenue is 0.9% — $28.3 million — above the estimate and 2.1% above the same period a year ago.
December’s collections continued a trend of strong income tax revenue growth but receipts far below expectations in most other major categories, including sales taxes (9.2% below projections) and gross production (28.4% short).