November tax collections increase from 2004, estimates

Tuesday, December 13th 2005, 7:32 pm

By: News On 6

OKLAHOMA CITY (AP) _ General revenue fund collections were nearly 12 percent higher than tax collections in November 2004 and well above estimates, state officials said Tuesday.

Preliminary reports show general revenue fund collections were $401 million in November, 11.7 percent above the same month last year and $10.4 million, or 2.7 percent, above the prediction for the month, Oklahoma State Treasurer Scott Meacham said in a news release.

``Signs remain positive for ongoing strength in the state's economy,'' Meacham said. ``We are reasonably optimistic for continued good health of the economy in spite of the recent announcement of job losses at the General Motors plant in Oklahoma City.''

November revenues don't reflect any impact for the closing announcement, Meacham said.

``We very likely will see some reduction in revenues in the coming months due to the shutdown, but we hope the impact will be minimized by growth in other sectors of the economy.''

According to the treasurer's office, most of the general fund collections come from $166.1 million in income taxes, which was $6.5 million (4.1 percent) more than the prior year collections from individual and corporate income tax. The amount was $1.5 million (0.9 percent) above the estimate for revenues from the same sources.

Sales taxes produced $119.9 million in revenue, $12.1 million (11.2 percent) more than in November 2004 and $6.9 million (6.2 percent) above the estimate, the treasurer's office said.

The gross production tax brought in $54.4 million, $13.4 million more than November 2004, while motor vehicle taxes produced $15.8 million, or $1.4 million (8.3 percent) more than last November.

The ``other revenue'' category amounted to $44.8 million, $11.5 million (34.7 percent) above the prior year and $5 million (12.5 percent) above the estimate.

So far this year, general revenue fund collections are $69.2 million above the estimate for the first five months of the fiscal year, Meacham said.

``That gives us a significant cushion in the event that revenue collections turn downward at some point through the remainder of the fiscal year,'' he said.