State Treasurer Scott Meacham expects revenue shortfalls to continue when he receives October's figures later in the week.
Meacham made the comments Wednesday while in Norman speaking to a group of financial advisers about a new college savings plan available to Oklahomans.
Last week, Oklahoma leaders said they expect the state's economy to keep sputtering along in the coming months and that state agencies will continue to see 5 percent cuts until at least June 30, 2010, the end of the current fiscal year.
During the first three months of the fiscal year, the state collected about $1.1 billion in tax revenue, down almost $462 million compared to the same three months last year.
Meacham said deeper budget cuts may lie ahead, depending on the state's revenue. He also said the nearly $600 million Rainy Day Fund may have to be tapped in the near future to help fund vital state agencies.
Meacham said he would make an official announcement concerning October's state revenues Tuesday, adding he has no idea when the recovery will begin in Oklahoma.
"Hopefully we're going to see a bottom at some point," he said. "You can kind of see one forming, but we just don't know yet."
He spoke to the local chapter of the National Association of Insurance and Financial Advisors about a college savings plan he helped establish in March called the Oklahoma Dream 529.
In the few months since it was set up, the new plan -- which must be arranged through a financial adviser and can't be set up directly with the state like the existing 529 college savings plan -- has grown to about 800 accounts worth $4.7 million, he said.
"In this economy -- with no marketing money behind it -- I think the plan is doing pretty well," Meacham said. "And I personally believe that every person with children or family members planning to go to college needs to set one of these up."
Meacham said the plan is attractive because it allows deductions of up to $20,000 for couples ($10,000 for individuals) and contributions to it are free from both state and federal income taxes. He also said the beneficiary doesn't have to be an immediate family member and can be changed without penalty if needed.
Meacham, who has been state treasurer since 2005, announced last week that he will not seek re-election when his term expires in January 2011.
Andrew Knittle 366-3540 aknittle@normantranscript.com
Local news
Meacham: More budget cuts may lie ahead
- Local news
-
-
'Get the Lead Out' annual children's art festival enters 10th year
Longfellow Middle School had a special “GLO” about it Saturday morning....
-
County prisoners moved to new jail
Cleveland County sheriff’s deputies began moving prisoners from the detention center adjacent to the courthouse to the new F. DeWayne Beggs Detention Center at Franklin Road and U.S. 77 early Saturday morning....
-
School board elections Tuesday
Voters go to the polls Tuesday in four Cleveland County school districts. Cleveland County Election Board Secretary Jim Williams said this will be the first election using the new voting system. Polls will open from 7 a.m. to 7 p.m. on ...
-
Identity theft crackdown sweeps nation
WASHINGTON — The Internal Revenue Service and the Justice Department recently announced a national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft....
-
Darry Stacey seeking county commission seat
Darry Stacy, a fifth generation Oklahoman and lifelong resident of Cleveland County, announced Friday that he will be a Republican candidate for the District 2 Cleveland County commissioner seat....
-
Communicating finances is good for relationship
If Valentine’s Day makes you think of flowers, candlelight and whispering sweet nothings into your sweetheart’s ear, maybe it’s time to think again. While many factors can play into whether a relationship endures for the long term, ...
-
The Week Ahead: China has mighty appetites
America’s banker visits its grocer in the coming week. When Chinese Vice President Xi Jinping tours the U.S., his itinerary includes expected stops in Washington, D.C., and California. But he’s also scheduled to stop in Iowa. Usually ...
-
I-35/Robinson Street interchange project
The Oklahoma Department of Transportation awarded the bid for the Interstate-35 and Robinson Street interchange project on Feb. 6. Silver Star Construction Company of Moore, was awarded the bid at $2,730,900 — $373,700 lower than the ...
-
Public hearings
Residential Code informational meeting 6- 8 p.m., Feb. 16 Multipurpose Room, Norman Municipal Complex 201 West Gray Street The Norman Department of Planning and Community Development is hosting a public information program on the city’s ...
-
Business briefs
The Norman Chapter of the American Business Women’s Association will meet at 6:30 p.m. Feb. 15 at Norman Public Library, 225 N. Webster. A librarian will speak about Valentine’s day and how it came about and a book display. RSVP: ...
- More Local news Headlines
-
