Oklahoma Revenue Collections Plunge 20%

OKLAHOMA CITY (AP) - Oklahoma's revenue collections plunged nearly 20 percent during the fiscal year that ended June 30, but state Treasurer Scott Meacham says he believes the "worst is behind us."

Figures released Tuesday show collections to the state's General Revenue Fund totaled $4.6 billion during fiscal year 2010, which ended June 30. That amount is $945 million, or 17 percent, below collections from the prior year. The collections also were more than 15 percent below the official estimate.

But Meacham says collections started improving after December, and that the upcoming fiscal year should reflect steady improvement.

Collections in June were about 2 percent more than June 2009, but still trailed the official estimate by nearly 7 percent.