With one month left in this fiscal year, total Oklahoma general revenue fund collections — boosted by increased income tax receipts — are coming in ahead of last year's pace.
General revenue fund collections through May total $5 billion, which is $65.1 million, or 1.3 percent, above total collections for the same period a year ago, according to state finance reports released Tuesday.
“Oklahoma's economy remains robust and reliable heading into the home stretch of the fiscal year,” state Finance and Revenue Secretary Preston Doerflinger said.
“Revenues are once again tracking slightly above annual projections.”
Individual income taxes contributed $176.3 million to the general revenue fund in May, an increase of $7.3 million, or 4.3 percent, over the same month a year ago. Corporate income taxes came in at $5.2 million, an increase of 20.5 percent compared with May 2012, state finance reports show.
It is the third consecutive month that corporate income tax collections had a double-digit increase over the same month in 2012.
Sales taxes were up $4.5 million, or 3 percent, from May 2012, according to reports.
“Continued strength in these key revenue areas shows a state still on the move and growing,” Doerflinger said. “Most sectors remain healthy even amid federal budget uncertainty and the resulting effect on military and federal employee purchasing psyche, plus continued gross production collection challenges.”
General revenue fund collections totaled $455.4 million in May, an increase of $25.1 million, or 5.8 percent, compared with the same month last year.
However, May figures for gross production are somewhat skewed because they showed a gain with $29.4 million collected, compared with $12 million a year ago.
Gross production taxes in May 2012 actually generated more than $33.8 million for the general revenue fund, but most of that was diverted for the final payment on a $92.6 million supplemental appropriation for the 2012 fiscal year, which ended June 30, according to the Oklahoma Tax Commission.