Oklahoma's November collections match same period last year, treasurer says
BY RANDY KREHBIEL World Staff Writer
Wednesday, December 05, 2012
12/05/12 at 6:19 AM
OKLAHOMA CITY - Total state receipts for November were virtually unchanged from a year ago, state Treasurer Ken Miller said Tuesday.
Miller said collections from all sources were down $3.7 million - about one-half of 1 percent - but that the figures were slightly skewed by a late $8.32 million gross production payment credited in November 2011, instead of October 2011, and a variation in income tax deadlines.
Collections "were down a tad ... but we had a little bit of a timing issue. All in all, there is no reason for concern," Miller said.
All told, the state took in $799.36 million during the November reporting period, which did not include the big post-Thanksgiving shopping days.
Sales tax receipts continued to be particularly strong, rising to $348.9 million - an 8.5 percent increase over the same month a year ago.
Personal income taxes, the state's other major source of revenue, were off 7 percent, to $220.1 million.
Corporate income taxes were up 19 percent but amounted to only $5.5 million.
Gross production taxes, often an indicator of the state's overall economic health, remained below 2011 levels, but Miller said the gap is closing, a reflection of rising natural gas prices.
Oil and gas production taxes totaled $56.3 million in November, down 25 percent from a year ago and 11 percent from October.
Motor vehicle taxes brought in $50.9 million for the month, up 3.7 percent from a year ago.
"We're not seeing the steep growth we were," Miller said, "but we are still positively trending."
Miller said he expects the state's economy to continue growing unless Congress and the administration are unable to reach an agreement on averting the "fiscal cliff" - a combination of tax increases and federal spending cuts that kick in Jan. 1.
Original Print Headline: State's receipts close to 2011's
Randy Krehbiel 918-581-8365
Ken Miller: The state treasurer said collections were down $3.7 million but that the figures were skewed by a late $8.32 million gross production payment and a variation in income tax deadlines. "All in all, there is no reason for concern," he said. All told, the state took in $799.36 million during the November reporting period.