The Office of State Finance released its first quarter revenue report Tuesday indicating revenue collections for the first three months of the fiscal year exceeded both the prior year and official estimate.
Preliminary reports show General Revenue Fund collections for the first quarter of Fiscal Year 2011 are $1.2 billion. That amount is $74.8 million or 6.8 percent above the prior year; and $45.4 million or four percent above the official estimate.
“Compared to last year, the news is better,” said OPEA Policy and Research Trish Frazier. “We shouldn’t have a shortfall and cuts from current agency budgets.”
However, according to David Blatt of the Oklahoma Policy Institute, growth in revenue appears to be slowing down.
“With the first quarter of FY11 complete, it is becoming increasingly clear that we are seeing a slow, partial recovery in state revenues after the momentous drop of FY10.”
“Once again, the state will be facing a difficult legislative session, with little growth money to replace one-time stimulus and Rainy Day funds,” concluded Frazier. “Now more than ever state employees should get involved in OPEA grassroots activities and be certain the legislature and governor understand state employee issues must be a priority.”