State's revenue up 7.6 percent in October from year-ago level
BY BARBARA HOBEROCK World Capitol Bureau
Wednesday, November 14, 2012
11/14/12 at 3:03 AM
OKLAHOMA CITY - General revenue fund collections climbed sharply in October, Secretary of Finance Preston Doerflinger said Tuesday.
October collections were $439 million, an increase of 7.6 percent from a year earlier.
"We had a healthy growth rate the previous month, but we more than doubled that rate in October, and we also beat the official estimate by nearly 10 percent," Doerflinger said.
He said the figures are evidence that the state's economy is still on an upward swing.
All major tax categories of the General Revenue Fund showed increases in October from the same month in 2011, except for gross production taxes on natural gas.
"The growth in October revenue shows that Oklahoma's economy remains among the nation's strongest," Gov. Mary Fallin said. "The potential remains, however, for economic turmoil at the national level if the president and Congress cannot reach a compromise to avoid the so-called fiscal cliff.
"While we remain hopeful a compromise will be reached to avoid disrupting the national economy, we will continue to look for further cost-saving budget reforms and consolidations as well as continue to pursue pro-growth policies that will keep Oklahoma's economy strong and vibrant."
Individual and corporate income tax collections in October brought in $204 million for the general fund. The figure was 22.4 percent more than previous-year collections.
Individual income tax receipts brought in $186 million, or 20.6 percent more than the previous year.
Corporate tax collections brought in $18 million, or 44.5 percent more than October 2011.
Sales tax collections generated $153.5 million, up 4.4 percent from the previous year.
Gross production tax collections from natural gas brought in $4.9 million, or 84.8 percent less than the previous year.
Oil collections made no contribution to the General Revenue Fund because the first $150 million in oil receipts goes to education.
Motor vehicle tax collections brought in $18.7 million, or 9.4 percent more than the previous year.
Other revenue produced $57.9 million, or 27.8 percent more than the previous year.
Original Print Headline: State's revenue jumps sharply
Barbara Hoberock 405-528-2465