Tax Collections 7.1 Percent Over Estimate
From The Treasurer's Office ~ The new fiscal year for state government is starting with positive news as General Revenue Fund collections for July, the first month of the Fiscal Year 2009, reflected growth in the Oklahoma economy, State Treasurer Scott Meacham announced today.
Preliminary reports show General Revenue Fund collections totaled $457.1 million for July.
That amount is $45.9 million or 11.2 percent above the prior year; and $30.4 million or 7.1 percent above the estimate.
In spite of the national economic picture, Meacham said revenue collections show the state's economy remains buoyant.
"Revenue collection reports show Oklahoma's economy remains healthy, driven by record strength in our energy sector," said Meacham, who also serves as Cabinet Secretary of Revenue and Finance. "Gross production receipts are very strong. Income taxes - both personal and corporate -show growth, as do sales tax collections."
Income taxes yielded $158.6 million to the FY-09 General Revenue Fund, which was $2.6 million or 1.7 percent above the prior year and $14.2 million or 9.9 percent above the estimate.
Individual returns produced $154.8 million, which was $1.7 million or 1.1 percent above the prior year and $13.6 million or 9.6 percent above the estimate.
Corporate returns produced $3.8 million, which was $0.8million or 28.3 percent above the prior year and $0.6 million or 19.5 percent above the estimate.
Sales tax produced $141.6 million for general revenue, up $10 million or 7.6 percent from the prior year and $2.1 million or 1.5 percent above the estimate.
Gross production tax accounted for $90 million for general revenue, which was $33.4 million or 59.1 percent above the prior year and $31 million or 52.6 percent above the estimate.
Motor vehicle taxes, based on motor vehicle sales and licenses, produced $19.6 million, which was $0.2 million or 1.3 percent above the prior year but $1.3 million or 6.4 percent below the estimate.
Investments by the treasurer's office produced $12.4 million, a reduction of only $0.7 million from the previous July despite a cut in the Fed Funds Target Rate from 5.25 percent in July of last year to 2.0 percent last month.
Other revenue, which includes investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others, produced $47.3 million. This was $0.3 million or 0.7 percent below the prior year and $15.6 million or 24.8 percent below the estimate.
Preliminary reports show General Revenue Fund collections totaled $457.1 million for July.
That amount is $45.9 million or 11.2 percent above the prior year; and $30.4 million or 7.1 percent above the estimate.
In spite of the national economic picture, Meacham said revenue collections show the state's economy remains buoyant.
"Revenue collection reports show Oklahoma's economy remains healthy, driven by record strength in our energy sector," said Meacham, who also serves as Cabinet Secretary of Revenue and Finance. "Gross production receipts are very strong. Income taxes - both personal and corporate -show growth, as do sales tax collections."
Income taxes yielded $158.6 million to the FY-09 General Revenue Fund, which was $2.6 million or 1.7 percent above the prior year and $14.2 million or 9.9 percent above the estimate.
Individual returns produced $154.8 million, which was $1.7 million or 1.1 percent above the prior year and $13.6 million or 9.6 percent above the estimate.
Corporate returns produced $3.8 million, which was $0.8million or 28.3 percent above the prior year and $0.6 million or 19.5 percent above the estimate.
Sales tax produced $141.6 million for general revenue, up $10 million or 7.6 percent from the prior year and $2.1 million or 1.5 percent above the estimate.
Gross production tax accounted for $90 million for general revenue, which was $33.4 million or 59.1 percent above the prior year and $31 million or 52.6 percent above the estimate.
Motor vehicle taxes, based on motor vehicle sales and licenses, produced $19.6 million, which was $0.2 million or 1.3 percent above the prior year but $1.3 million or 6.4 percent below the estimate.
Investments by the treasurer's office produced $12.4 million, a reduction of only $0.7 million from the previous July despite a cut in the Fed Funds Target Rate from 5.25 percent in July of last year to 2.0 percent last month.
Other revenue, which includes investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others, produced $47.3 million. This was $0.3 million or 0.7 percent below the prior year and $15.6 million or 24.8 percent below the estimate.
Labels: Scott Meacham, Tax Collections
posted by Mike McCarville @ 5:12 PM
<< Home