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US-OKLAHOMA-REVENUE
Last year's revenue of $10.78 billion was the lowest 12-month
total since January 2012. Like other states dependent on energy
tax revenues, Oklahoma is struggling amid sustained low oil and
gas prices, which contribute to a state unemployment rate that
is higher than the national average.
"Gross receipts to the Treasury show the ongoing impact of the
prolonged downturn in the energy industry on all four major
revenue streams," state Treasurer Ken Miller said.
Those revenue streams include oil and gas production, income,
sales and motor vehicle taxes.
"However, the overall rate of decline has slowed during each of
the past three months as oil and gas gross production
collections have shown moderate increases," Miller said.
For a third consecutive month, collections from oil and gas
production taxes were higher in December than the same month of
the prior year. December gross production receipts total $39.4
million, up 4.4 percent from December 2015.
U.S. crude prices hovered near 18-month highs on Friday after
closing at $53.99 a barrel on the New York Mercantile Exchange.
Last month, local media said Oklahoma's budget deficit was set
to come in at $868 million this year, higher than previous
estimates due to low oil prices, tax cuts and corporate tax
credits.
In 2014, the collapse of oil prices contributed to a massive
$1.3 billion budget deficit, which led the state to declare
"revenue failure" in 2015, which triggered automatic
across-the-board spending cuts.
The Republican-controlled state legislature earlier this year
passed a series of reforms backed by Governor Mary Fallin to
Oklahoma's bulging prison system aimed at reducing costs, but
balked at her proposal to approve a new tobacco tax and other
revenue-raising proposals.
(Reporting by Rory Carroll; Editing by Leslie Adler)
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