Oil revenues in Oklahoma hit education funding benchmark four months earlier than expected. Gross production taxes on oil now are going to a fund that finances state operations.
NewsOK
BY MICHAEL MCNUTT
Published: November 16, 2011
Oil revenue to the state is coming in at a faster pace than last year, providing an unexpected and early boost to the principal funding source for state government, officials said Tuesday.
“We saw increases in all major sources of revenue in October and the general revenue fund received a deposit from gross production oil taxes two months earlier than occurred in 2010,” said state Finance Director Preston Doerflinger, who also serves on Gov. Mary Fallin's Cabinet as secretary of finance.
Total collections for the state's general revenue fund in October were $408.1 million, which was $24.3 million, or 6.3 percent, above collections for the same month a year ago, according to the state finance office.
It was $9.3 million, or 2.3 percent, above the estimate for October... FULL ARTICLE
Posted on
Wed, November 16, 2011
by John Cox