OKLAHOMA CITY — Oklahoma finance officials say large corporate income tax refunds are to blame for an 8 percent drop in collections to the main operating fund of state government.
Secretary of Finance Preston Doerflinger (DOR'-fling-ur) said Tuesday that February collections to the General Revenue Fund missed projections by about $23.7 million, or 8.1 percent.
Doerflinger said corporate income tax refunds in February totaled $21 million, including a single corporate tax refund from tax year 2012 of more than $15 million.
Despite the drop in collections, Doerflinger said revenues are enough to maintain funding for state agencies through the end of the fiscal year on June 30.
He also reiterated his warning for state agencies to prepare for flat or slightly reduced budgets for the fiscal year that starts July 1.