Scott Meacham
Oklahoma State Treasurer
For Immediate Release: August 10, 2010
New Fiscal Year Begins on Positive Note
OKLAHOMA CITY – Revenue collections for July give the state a good
start on the new budget year, State Treasurer Scott Meacham said today as
reports for the first month of Fiscal Year 2011 were released.
Preliminary reports show General Revenue Fund collections for July
2010 were $370.1 million. That amount is:
* $33.4 million or 9.9 percent above the prior year; and
* $39.3 million or 11.9 percent above the official estimate.
“Collections in all major areas are above the same month of last
year,” Meacham said. “As we begin the new fiscal year, the recovery of
Oklahoma’s economy is obviously underway.”
Compared to the estimate, collections in all major areas were up
except for gross production taxes on natural gas.
“I am most pleased to see sales tax collections continue to rise,” he
said. “I believe this shows that Oklahomans are beginning to have
confidence in the economic well-being of the state.”
In July, net income taxes, a combination of personal and corporate
income taxes, produced $140 million, which is $7.5 million or 5.6 percent
above the prior year and $29.2 million or 26.4 percent above the estimate.
For the month, personal income tax produced $131.6 million, which is
$0.1 million or 0.1 percent below the prior year but $22.2 million or 20.2
percent above the estimate. Corporate income tax produced $8.4 million,
which is $7.6 million or 934 percent above the prior year and $7.1 million
or 521.2 percent above the estimate.
The state sales tax produced $139 million for the month, which is
$9.6 million or 7.4 percent above the prior year and $7.6 million or 5.8
percent above the estimate.
The gross production tax on natural gas yielded $24 million in July,
which is $1.9 million or 8.4 percent above the prior year but $8.7 million
or 26.6 percent below the estimate.
Motor vehicle taxes produced $18 million in July, which is $7.1
million or 64.9 percent above the prior year and $6.5 million or 57.2
percent above the estimate.
Other revenue, including investment earnings, taxes on insurance,
alcoholic beverages and others produced $49.1 million for the month. This
is $7.3 million or 17.6 percent above the prior year and $4.7 million or
10.6 percent above the estimate.
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For more information contact:
Tim Allen, Deputy Treasurer for Policy and Administration, (405) 522-4212
CLICK HERE to View the General Revenue Comparisons
Posted on
Tue, August 10, 2010
by Crystal Drwenski