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Oklahoma treasurer: Revenue collections continue to plummet, expected to worsen


OKLAHOMA CITY — Oklahoma Treasurer Ken Miller says overall collections to the state treasury continue to slide, and he predicts the state's dire economic conditions are expected to get worse before they get better.

Miller released figures on Wednesday that show for the first time in five years, 12-month gross receipts to the treasury were below receipts from the previous 12-month period.

And for the fifth straight month, collections were less than those from the same month one year ago.

Miller says the economy is continuing to show the impact of declining oil and natural gas prices, with production tax collections down nearly 53 percent compared to the same time last year.

Gov. Mary Fallin says she's already holding briefings with agency directors and telling them to prepare for budget cuts.

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