Tulsa World: State revenue up from estimates, last May's levels

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State revenue up from estimates, last May's levels

By ANGEL RIGGS World Capitol Bureau
Published: 6/11/2008 2:06 AM
Last Modified: 6/11/2008 2:52 AM

OKLAHOMA CITY — Rising energy prices have given Oklahoma's economy its first boost in four months, according to state Treasurer Scott Meacham's monthly revenue report.

"I'm very encouraged by the collections that we saw in May," Meacham said. "If you dig into the numbers, we were up in every major tax category, even income taxes."

Year-to-date collections for the fiscal year are $83.2 million, or 1.6 percent, more than the state's official estimate, according to the report.

Collections remain $26 million, or 0.5 percent, less than figures for the same period last year.

Meacham said he's confident that the state will make a deposit into its "rainy day" fund this year, as long as revenue figures remain strong in June, the last month of this fiscal year.

This year's maximum deposit to the state's reserve fund is $25 million.

"The question is how much of a rainy day fund deposit will we have," he said.

Preliminary reports released Tuesday show that general revenue fund collections in May totaled $493.6 million.

That's $58.4 million, or 13.4 percent, more than the previous year and $80.7 million, or 19.6 percent, more than the estimate.

But Meacham cautioned that "one month does not a trend make, so we'll have to watch it very closely."

The state also is being helped by oil prices of more than $100 a barrel and strong sales-tax figures, he said.

"High energy prices, while a burden on consumers, are providing

added revenue to fund state services," he said.

Gross-production taxes on oil and natural gas produced $103.4 million for the month. That's $35.3 million, or 51.8 percent, more than last May. It's also $32.8 million, or 46.4 percent, more than the official estimate.

The state sales tax produced $137.8 million for the month. That's $12.2 million, or 9.7 percent, more than the previous year and $5.2 million, or 3.9 percent, more than the official estimate.

Personal income taxes contributed $161.4 million in May. That's $6.5 million, or 4.2 percent, more than the same month last year and $25.9 million, or 19.1 percent, more than the official estimate.

Meacham said the personal income-tax collections showed that people are working.

"That's where you want to be," he said. "People are working and having money withheld from their paychecks. That shows a good strong economy."

Corporate income-tax collections yielded $3.6 million in May. That's $800,000, or 17.2 percent, less than last May and $2.2 million, or 37.5 percent, less than the official estimate.

Angel Riggs (405) 528-2465
angel.riggs@tulsaworld.com
By ANGEL RIGGS World Capitol Bureau

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