Meacham says recovery 'obviously underway'
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Published: 10-Aug-2010

CapitolBeatOK Staff Report

Published: 10-Aug-2010

Revenue collections for July give the state a good start on the new budget year, State Treasurer Scott Meacham said today (Tuesday, August 10) 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.

In a release sent to CapitolBeatOK, Meacham said, “Collections in all major areas are above the same month of last year. 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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