Meacham: State Revenue Shows Strength

From www.tulsaworld.com ~ Oklahoma's revenue collections are showing renewed strength heading into the final month of the fiscal year, according to State Treasurer Scott Meacham's monthly report.

After falling short of the estimate and prior year each of the past four months, revenue collections in May were up primarily due to strong energy prices.

Preliminary reports show that general revenue fund collections for May totaled $493.6 million, according to the report. That is $58.4 million, or 13.4 percent, above the prior year. It's also $80.7 million, or 19.6 percent, above the estimate.

"High energy prices, while a burden on consumers, are providing added revenue to fund state services," Meacham said. "We continue to also see strength in personal income tax collections, reflecting a healthy job market. Corporate income tax collections, on the other hand, remain well below expectations. We see this primarily as a reflection of national economic conditions."

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