State Revenue Up Again In April

OKLAHOMA CITY (AP) -- The state's general revenue fund collected $688 million last month, exceeding collections from a year earlier and official estimates for the month, state Treasurer Scott Meacham

Tuesday, May 9th 2006, 6:15 pm

By: News On 6

OKLAHOMA CITY (AP) -- The state's general revenue fund collected $688 million last month, exceeding collections from a year earlier and official estimates for the month, state Treasurer Scott Meacham said Tuesday.

Meacham said the state's strong revenue growth shows "the state's economy is continuing its expansion cycle, creating jobs and economic opportunity."

Preliminary reports indicate April's revenue totaled $134.8 million, or 24.4 percent, above the prior year and $106 million, or 18.2 percent, above the estimate.

The strongest performance came from the gross production tax on oil and gas which generated $59.5 million for the month, more than double the amount generated in April 2005 and almost 40 percent higher than estimated by the state Board of Equalization.

Meacham said the state's strong revenue growth demonstrates the strong influence of the energy industry on Oklahoma's economy.

"We believe that industry is positively affecting gross production taxes, sales taxes and income tax collections," Meacham said. Income tax collections to date are $284.1 million above original estimates.

Overall, year-to-date collections are now $390.4 million over the estimate. Meacham said the state is on track to fill the Rainy Day constitutional reserve fund to the maximum with $300 million to $400 million remaining.

The maximum balance of the Rainy Day Fund is limited to 10 percent of the prior year certified general revenue fund collections, which was $495.7 million in 2005. The fund currently has a balance of $461.3 million, allowing a maximum deposit of $34.4 million.