Total tax collections in November for Oklahoma were down from the same month a year ago, but the decline wasn't because of economic factors, state finance officials said Tuesday.
Tax collections to the state's general revenue fund, its main operating fund, were $369 million, a decrease from a year ago of $55 million, or 13 percent.
Receipts for the month fell short of the estimate by $28.1 million, or 7.1 percent.
The decline is tied to the general revenue fund receiving no funds this year from the gross production taxes on oil because of lower oil prices, state financial officials said.
Because of increased drilling and relatively high oil prices last year, the gross production tax on oil came in significantly above estimates.
The first $150 million in oil revenue each fiscal year is dedicated to three separate education funds; collections last year hit that benchmark in October, two months earlier than expected.
On the bright side, Oklahoma consumers stayed the course in November as sales tax collections for the month came in 8.4 percent higher than a year ago, state Finance Secretary Preston Doerflinger said.
“We may have gotten a little bump from early Christmas shopping, but consumer confidence has been a consistent feature of our recovery from the Great Recession over the last two years,” Doerflinger said.
“With the exception of energy taxes, key revenue figures are growing.” Doerflinger said. “Both sales and income taxes are up more than 8 percent for the first five months of the current fiscal year, compared to the same time period a year ago, and revenue from motor vehicle sales has increased by more than 6 percent. Also, total collections for the five-month period are running $33 million above the estimate.”