Oklahoma Revenue Collection Up Compared to March 2009

News9.com

OKLAHOMA CITY – Oklahoma's revenue for last month exceeded collections from March 2009, State Treasurer Scott Meacham said.

Treasurer Meacham says it is the first time since December 2008 that revenue collections have exceeded totals from the previous year.

"Based on the data that we're seeing, it looks like we can finally say that Oklahoma's economy appears to be on the mend," Meacham said.

The state collected $401.3 million last month, which is about $6.4 million more than was collected in March last year, he said.

Also, for the second consecutive month revenue collections have been higher that the state's budget estimates.

"We still have to fund next year's budget and we're still collecting for this year about 20 percent below estimates," Senate President Pro Tem Glenn Coffee.

Gross production taxes on oil and gas continued to drive improvements in the revenue picture, Meacham said. This month, however, an upswing in personal income tax collections also helped.

"Personal income tax collections topped the estimate by $86.5 million this month," Meacham said. "A portion of that additional money is due to a recent law change on timing of payment of withholding taxes by state businesses, but the majority of the additional income tax revenues would seem to indicate improvement in the jobs market."

Starting in March, state businesses were required to begin remitting state withholding taxes on the same schedule they follow for federal tax payments.

"With the economy improving it's time to go start spending money," said Meacham. "It's time to go to your favorite store. It's time to rejoin your health club and get healthy. Go out and spend money."