Ten percent drop in Oklahoma revenue collections called an anomaly
By BARBARA HOBEROCK World Capitol Bureau on Sep 11, 2013, at 2:28 AM Updated on 9/11/13 at 6:27 AM
CapitolBureau
Oklahoma Lottery Commission Executive Director Rollo Redburn on Tuesday sent up a trial balloon for lawmakers.
Parker has served the past seven years on the regents board.
CONTACT THE REPORTER
405-528-2465
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OKLAHOMA CITY - Unusually large income-tax refunds contributed to general revenue fund collections dropping 10 percent below last year's receipts in August, the Office of Management and Enterprise Services announced Tuesday.
Total general revenue fund collections for August brought in $347.6 million, according to the agency.
The fund is the main operating fund for the state's budget.
"This was a single-month collection anomaly rather than any reflection of Oklahoma's economy," said Preston Doerflinger, Oklahoma's secretary of finance, administration and information technology.
Income-tax collections should even out, especially if the unemployment rate remains low, he said.
Income-tax collections brought in $103.7 million, or 27.9 percent less than the previous year.
Sales-tax collections generated $163.4 million for the fund, which was $600,000 or 0.4 percent more than in the previous year.
Gross-production tax collections contributed $8.1 million, entirely from natural gas.
The amount was $8 million more than in August 2012, when the fund received nearly nothing from gross-production taxes.
The general revenue fund received no oil tax revenue for the month. None was expected because state law requires the first $150 million on gross-production receipts from oil to go to specified funds, mostly for education.
Motor-vehicle taxes produced $15.8 million, which was 19.2 percent less than previous-year collections.
Other revenue collections generated $56.6 million, or 5.7 percent less than in the previous year.
Barbara Hoberock 405-528-2465
barbara.hoberock@tulsaworld.com
Original Print Headline: Income-tax refunds are cited for drop in state's revenue
CapitolBureau
Oklahoma Lottery Commission Executive Director Rollo Redburn on Tuesday sent up a trial balloon for lawmakers.
Parker has served the past seven years on the regents board.
CONTACT THE REPORTER
405-528-2465
Email
