Tuesday, May 10, 2011
Tulsa World, Okla.
by Randy Krehbiel
State general fund revenues continued steady growth in April, boosted by increased sales and income tax collections and higher oil prices.
The Office of State Finance reported general fund revenues of $576.8 million for the month, up 13 percent from the same month a year ago but 3 percent less than expectations.
"The increase in tax revenues is good news for Oklahoma," Gov. Mary Fallin said. "Unfortunately, we still have a ways to go before we get to where we were before the recession hit.
"That means lawmakers will need to continue to find ways to make government smaller and more efficient, pursue targeted cuts at state agencies and pass reforms that help to create jobs and boost economic productivity," she said.
For the fiscal year ending June 30, general fund revenues are up $373.1 million, or 10 percent, from the same period a year ago, and $127.8 million greater than projections.
Net income taxes for the month totaled $313.6 million, which equaled projections but was 26 percent more than for the same month a year ago.
The general fund's share of state sales taxes totaled $147.1 million for the month, or 10 percent more than in 2010 and 5 percent more than the estimate.
Gross production taxes continued to lag because of depressed natural gas prices. The general fund's share on natural gas was only $4.9 million, more than 80 percent less than a year ago.
Oil gross production taxes, on the other hand, remained strong at $26.1 million, or 12 percent more than a year ago.
Motor vehicle taxes totaled $16.5 million, about the same as a year ago, and all other revenues were $68.7 million, a 15 percent increase.
Copyright (c) 2011, Tulsa World, Okla. Distributed by McClatchy-Tribune Information Services.
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