OKLAHOMA CITY — Oklahoma's secretary of finance says collections by the state's chief operating fund were below projections last month due to low oil prices.
Secretary of Finance, Administration and Information Technology Preston L. Doerflinger said Wednesday that collections by the general revenue fund were 5.3 percent below projections in August.
About $825 million was collected by the fund during the first two months of the fiscal year that began July 1. That's $4.6 million above prior year collections. July and August collections also finished $345,400 above the two-month estimate upon which the budget for the fiscal year was based.
Doerflinger says his office will closely monitor revenue during the next few months as oil prices fluctuate. Collections that remain more than 5 percent below the estimate could trigger automatic budget reductions.