Oklahoma's tax collections show strong growth in October

Oklahoma's economy is still on a roll, the state's finance secretary says.
BY MICHAEL MCNUTT mmcnutt@opubco.com Modified: November 13, 2012 at 6:58 pm •  Published: November 14, 2012

Tax collections for Oklahoma's main operating fund climbed sharply in October, state finance officials said Tuesday.

State Finance Secretary Preston Doerflinger said the collections show Oklahoma's economy is still on the upswing amid economic worries nationally.

Total collections for the state's general revenue fund in October were $439 million, an increase from a year ago of $30.9 million, or 7.6 percent. Receipts for the month exceeded the estimate by $38.9 million, or 9.7 percent.

“Our economy is still on a roll, but I'm concerned about national events,” Doerflinger said. “The stock market reacted negatively last week after the election as the so-called fiscal cliff moved to the forefront of the national debate amid pessimism over whether the president and Congress can reach a suitable budget consensus in the weeks ahead.”

Failure of the president and Congress to act would adversely affect Oklahoma if the nation slips into another recession, he said.

All major tax categories of the general revenue fund showed increases in October from the same month in 2011, except for gross production taxes on natural gas, state finance figures show.