OKLAHOMA CITY (AP) — State tax collections took a dive in April, raising the possibility that the state will not have enough money to pay its bills for the current fiscal year.
Tax collections in April were 21.6 percent below the same month a year ago and 21.1 percent below the estimate upon which the state budget is based for the fiscal year ending June 30.
A similar drop in collections next month would force across-the-board state agency budget cuts under the Oklahoma Constitution.
April collections for all major tax categories were well below the estimate. They are sales, oil and gas and income taxes.
Local news
May 12, 2009
NEW: Revenue takes steep dive in April
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