State tax collections still on rise

OKLAHOMA CITY (AP) -- State revenue collections continued strong in February, a report from the Office of State Finance showed Tuesday.<br/><br/>Total collections that flow to the General Revenue Fund

Tuesday, March 15th 2005, 5:51 pm

By: News On 6

OKLAHOMA CITY (AP) -- State revenue collections continued strong in February, a report from the Office of State Finance showed Tuesday.

Total collections that flow to the General Revenue Fund were up 11 percent over a year ago and 16.6 percent over the estimate upon which the current state budget was built.

"For the year to date, collections are $238.1 million above the estimate," said Scott Meacham, state finance director. "This indicates the strong likelihood of there being excess surplus revenue after we make the maximum deposit to the Rainy Day Fund.

"The Board of Equalization received figures last month that estimated excess surplus revenue would be $187.3 million. We actually believe this may continue to grow and possibly reach $200 million by year's end."

Net income tax collections in February were up 15.4 percent over a year ago and sales taxes were up 1.3 percent. The gross production tax on natural gas climbed 20.3 percent over a year ago.