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Okla. revenue collections keep climbing in May

Okla. revenue collections keep climbing in May

NewsOK 

Published: June 15, 2010
SEAN MURPHY, Associated Press

OKLAHOMA CITY (AP) - In a sign that Oklahoma's economy keeps improving, the state's revenue collections in May exceeded both the official estimate and the amount brought in last year, State Treasurer Scott Meacham said Tuesday.

Preliminary reports show collections to the state's General Revenue Fund totaled nearly $379 million last month, which exceeded May 2009 collections by 6 percent. That was also 7.8 percent higher than the estimate prepared by the Oklahoma Tax Commission.

"As we look back at collections throughout the fiscal year, it is becoming more apparent that our recovery started in February and that trend continues this month," Meacham said in a statement.

It is just the second time in the last 11 months that collections for the month topped both the previous year total and the estimate.

May collections were boosted by strong gains in oil and gas production taxes, which netted $56.2 million for the state. That figure more than doubled last May's collections and more than quadrupled what state officials had predicted... FULL ARTICLE

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