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August revenue collections exceed prior year and estimate

Updated:
OKLAHOMA CITY (AP) -- State general revenue collections totaled $412.9 million last month, exceeding collections during the same month last year as well as official estimates, state Treasurer Scott Meacham said.

Meacham said rising revenue collections reflect growing strength in the state's economy but cautioned that collections could be affected in the coming months in the aftermath of Hurricane Katrina.

"When a disaster of this magnitude occurs that affects consumer confidence, we anticipate some revenue disruption," Meacham said. "However, we do expect the disruption to be temporary and we anticipate total yearly collections will not be adversely affected."

August collections were $42.9 million, or 11.6 percent, higher than collections in August 2004 and $23.1-million, or 5.9 percent, above official estimates.

Meacham said improvements in income tax and sales tax collections are key indicators of the economy's strength.

Income taxes yielded $187.7-million in August, $21.1-million or 12.7 percent above the prior year. Sales tax collections produced $116-million, up $5.5-million or 5 percent over the prior year.

Motor vehicle taxes also showed strength. Collections totaled $24.6-million in August, $6.8-million or 38.2 percent above the prior year.

The gross production tax on natural gas accounted for $36.6-million for general revenue in August but came in below prior-year collections and the estimate for the month. Meacham said that was due to refund payments and is not expected to be a long-term issue.
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