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.
October's collections were the second straight strong month of revenues after a decline in collections occurred in August, mostly because of lower gross production taxes and a drop in income tax receipts, which can vary greatly from month to month, finance officials said.
General revenue fund collections for the first four months of this fiscal year, which began July 1, are $1.8 billion, up $24.5 million, or 1.4 percent, from the same period a year ago. The total is about 3.6 percent above estimates.
Made up of almost 70 sources, the general revenue fund is where all state taxes and fees go, except for those dedicated or earmarked to certain areas of government. The general revenue fund is the starting point for crafting the state budget each year.