Sales tax collections last month in Oklahoma showed a strong increase compared with a year ago but overall gross tax collections dipped slightly because of timing issues, state Treasurer Ken Miller said Tuesday.
Gross receipts for November were down by one-half of 1 percent, or about $3.7 million, compared with the same month last year. Total revenue collections are considered a reflection of the performance of the state's economy.
“In spite of a slight dip in receipts for the month, there's no reason to believe Oklahoma's economy is pulling back,” Miller said. “Over the past 12 months, receipts have grown by almost 5 percent.”
The findings are distorted somewhat because of timing issues, according to the treasurer's office.
An October 2011 gross production payment of $8.32 million was paid late and recorded in November of last year.
Without that difference, this month's total revenues would have been almost $5 million higher than last year.
Income tax collections are down slightly, but the Oklahoma Tax Commission attributes at least some of the difference to payment deadline differences in 2011 and 2012.
Sales tax collections were up 8.5 percent compared with a year ago, Miller said. Receipts from Black Friday, the traditional start of the Christmas season, aren't reflected in November's total.
They won't be remitted to the state until later this month.
November oil and gas gross production receipts are off by more than 25 percent compared with a year ago, he said.
Without the late payment, the receipts would have been down 16 percent.
Gross collections for November came in at $799.4 million, down $3.66 million, or 0.5 percent, from November 2011, Miler said.
16 Week Curriculum With Instructions, Lesson Plans & CNG Conversion Kit