Share “Oklahoma's tax collections show strong...”

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 Modified: November 13, 2012 at 6:58 pm •  Published: November 14, 2012

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.