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State Revenue Collections Show Surplus

Updated:
OKLAHOMA CITY (AP) -- The state amassed a revenue surplus of almost $200 million over the last 10 months, but personal income taxes showed a 2% decline because of income tax cuts that went into effect this year, state Treasurer Scott Meacham said Tuesday. Collections by the state's general revenue fund during the fiscal year that began July 1 exceeded collections during the prior year by almost 5% and the estimate by more than 4%, Meacham said.

But collections were slightly below the prior year during the month of April, he said. General revenue collections for the month totaled $678.2 million, $9.8 million below April 2006 and $11.2 million below the estimate.

Preliminary reports show year-to-date collections are $4.91 billion. That is $228.2 million or 4.9% above the prior year and $199.3 million or 4.2% above the estimate.

"We are on track to finish the fiscal year in two months with a healthy surplus," Meacham said.

The surplus will permit the state to fill Oklahoma's Rainy Day reserve fund to the constitutional maximum and have revenues above the fund's cap for the third consecutive year, he said. The fund's balance is $495.7 million, allowing a maximum deposit of $75.9 million.

Net income taxes have produced $2.32 billion over the past 10 months, which is $129.6 million above the prior year and $183.7 million above the estimate.

Personal income taxes produced $1.95 billion, which is $40.8 million below the prior year and $40.4 million below the estimate.

Lawmakers approved the largest income tax cut in state history last year, reducing the top rate from 6.25% to 5.65% in the first year. The top rate is scheduled to drop to 5.5% next year and 5.25% in 2009, if revenue growth is at least 4% plus the cost of the tax cut.

Meacham said the decline in personal income taxes was offset by an increase in corporate income tax collections, which produced $369.3 million. That is $170.5 million above the prior year and $224.1 million above the estimate.

The state sales tax has produced $1.27 billion during the first 10 months of the fiscal year, which is $63.1 million above the prior year and $34.3 million above the estimate.

The gross production tax on oil and natural gas yielded $505.3 million, which is $87.8 million below the prior year and $107.3 million below the estimate.

Motor vehicle taxes have produced $207.8 million, which is $19.6 million or 10.4% above the prior year and $26.3 million or 14.5% above the estimate.

Other revenue, including Meacham's investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others, has produced $608.9 million. That is $103.7 million above the prior year and $62.4 million above the estimate.
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