Another doom and gloom economic forecast from the Community Action Project. By David Blatt Director of Public Policy, Community Action Project Oklahoma enters a new fiscal year amidst signs that state revenue collections may be entering a slowdown. As legislators grapple to address new responsibilities, rising costs and unmet needs, this revenue slowdown sends a signal of budget challenges on the imminent horizon. I. Revenue Trends The most recent state fiscal year, FY ‘07, marked the fourth consecutive year of revenue growth in Oklahoma. General Revenue (GR) tax collections, which represent approximately 72% of all state tax revenues, increased by 4.2% in FY ‘07 compared to FY ‘06. Since emerging from the steep downturn of 2002-2004, GR has grown at a robust annual rate of 9.2%. Also for the fourth consecutive year, actual GR collections came in well above certified estimates, allowing for a substantial end-of-year deposit to the state’s Rainy Day Fund, which has now reached $571.6 million. Read more...

Labels: Budget, CAP

Posted at 8/03/2007 01:53:00 PM