Listen to this article here

Published 05/14/2020 | Reading Time 1 min 29 sec 

OKLAHOMA CITY (AP) — Collections to Oklahoma’s main government operating fund missed projections by 44% last month, the biggest shortfall in modern history, state finance officials said Tuesday.

Postponing the income tax deadline from April to July, plummeting energy prices and the coronavirus-related shutdown of businesses across the state amounted to a “threefold economic gut punch,” said Office of Management and Enterprise Services Director Steve Harpe.

TEDC Banner Ad

“Missing this month’s estimate is not a surprise, but the magnitude is notable,” he said.

Overall collections to the state’s general fund in April totaled $529 million, which is 44% below the monthly estimate. Total collections to the fund through the first 10 months of the current fiscal year were about 8.5% below the estimate, Harpe reported.

April is historically the month with the largest revenue collections. Harpe said general revenue collections haven’t missed the estimate by more than 40% in recent history.

The Black Wall Street Times is a news publication located in Tulsa, Okla. and Atlanta, Ga. At The BWSTimes, we focus on elevating the stories of our beloved Greenwood community, elevating the stories of...