Oklahoma's economy is continuing to grow but at a more subdued pace, state Treasurer Ken Miller said Monday.
“Our average growth rate between March 2011 and February 2012 topped 10 percent,” Miller said. “For the past 12 months, growth has averaged 2 percent.”
February gross collections were down by 2.4 percent, or almost $20 million, from February of last year, he said. Oklahoma's two biggest sources of revenue, income tax and sales tax, both grew; income tax grew by 1.4 percent and sales tax by 3.9 percent.
Gross production, motor vehicle taxes and other sources were all reported as lower than the same month a year ago, Miller said.
Total revenue collections are considered a reflection of the performance of the state's economy.
Oklahoma's dip in total revenue collections in February was the fifth occurrence in the past year, Miller said. Collections also were lower last year in March, June, August and November when compared with the same month the previous year.
“This follows 24 consecutive months of collections beating the prior year,” he said.
The revenue report for February shows gross collections at $790.4 million, down $19.5 million, or 2.4 percent, from the same month a year ago.
Gross income tax collections, a combination of personal and corporate income taxes, generated $235 million, an increase of $3.2 million, or 1.4 percent, from the previous February. Sales tax collections, including remittances on behalf of cities and counties, totaled $333.2 million in February, which was $12.6 million, or 3.9 percent, above February 2012, Miller said.
Gross production taxes on oil and natural gas generated $63.2 million in February, a decrease of nearly $6 million, or 8.7 percent from last February. Compared with January reports, gross production collections are up by $5.1 million, or 8.8 percent.
Between March 2012 and February, gross revenue totals $11.1 billion, which is $213.8 million, or 2 percent, higher than collections from the previous 12-month period, Miller said.