State Revenue Up In May

OKLAHOMA CITY (AP) -- State revenue increased last month thanks to high energy prices and the taxes on oil and natural gas.

The state collected $493.6 million in May, which is $58.4 million more than May 2007 and $80.4 million more than the official estimate.

The increase also ends four consecutive months in which revenue had been falling below the prior-year collections.

State Treasurer Scott Meacham says gross production taxes on oil and natural gas brought in nearly $103.5 million dollars, or more than $35 million more than May of last year.

Meacham says income tax collections were also strong in May to indicate a healthy job market.

With one month remaining in the fiscal year the state has collected just more than $83 million above official estimates. But the amount is $26 million below the amount collected last fiscal year.