OKLAHOMA CITY (AP) — Oklahoma's state treasurer said Tuesday that revenue collections by the state pushed higher in March, led by energy production, personal income and consumption.
Treasurer Ken Miller said collections in March grew by more than 4 percent over the same month last year. The growth rate for the past 12 months also topped 4 percent.
"In March, collections from oil and gas extraction and personal income grew by double digits, while sales and motor vehicle collections expanded by more than 5 percent," Miller said. "Clearly, Oklahoma's economy continues to do relatively well."
Collections have exceeded the prior year 10 times in the past year, with oil and gas production taxes up for 11 consecutive months.
Miller said unemployment figures also brought encouraging news to Oklahoma.
"The state's unemployment rate dropped to 5 percent in February, a reduction of 0.2 percentage points from January," he said.
Corporate income taxes were the only major revenue stream that was lower than last March. It has dipped below prior-year levels seven of the past 12 months.
Gross collections in March were $985 million, up $40 million from March 2013.
Gross income tax collections, a combination of personal and corporate income taxes, generated $387 million, an increase of $20 million from last year.
Sales tax collections, including remittances on behalf of cities and counties, total $343.84 million in March. That is $16.26 million ahead of March 2013.
Gross production taxes on oil and natural gas generated $75.57 million in March, an increase of $8.69 million or 13 percent from the prior year.
Between April 2013 and March 2014, gross revenue totals $11.57 billion, $469 million higher than collections for the previous 12-month period.
Gross income taxes generated $4.15 billion for the period, reflecting an increase of $140.02 million from the prior 12 months.