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State's revenue a bit over estimate

State's revenue a bit over estimate

For first time since December 2008, collections come in higher than expected.

Tulsa World

By BARBARA HOBEROCK World Capitol Bureau

Published: 3/10/2010  2:22 AM
Last Modified: 3/10/2010  5:03 AM

OKLAHOMA CITY — State Treasurer Scott Meacham on Tuesday said the state may finally be seeing the end of the recession.

Although the margin was slight, state revenue collections in February exceeded the official monthly estimate for the first time since December 2008, Meacham said. But they still fell short of collections for last February.

Oklahoma is starting to see the first signs of the end of the longest, deepest downturn in state revenue history, Meacham said. General revenue collections for February totaled $220.6 million, which was $800,000 above the estimate but $17.3 million below the previous year.

Gross production taxes on oil helped the financial picture for the month, as did individual income tax collections, Meacham said.

Gross production taxes on oil in February generated $25 million, the treasurer said. Officials had anticipated that no gross production taxes from oil would be deposited into the state's general revenue fund for the entire year... FULL ARTICLE

 

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