Oklahoma sales tax revenues were down in September, but overall revenues were up as high energy prices pushed collections of the state severance taxes on natural gas above expectations.
General fund revenues in September totaled $620.5 million, up $8 million from September 2007 and $22 million above the estimate.
Sales tax revenues were down $18.3 million from last year and $12.1 million lower than expected, but the gross production tax on natural gas brought in $98.8 million in September, up $34.9 million from 2007, $40.7 million higher than expected, and $90 million more than it did in September 1998.
State Treasurer Scott Meacham said the state’s economy performed well in the first three months of fiscal 2009.
“First-quarter collections are at 106.5% of the estimate and, including the 5% cushion between the estimate and appropriations, we have collected $169.9 million more than is needed to pay the state’s bills so far this year,” he said.
September’s preliminary report showed that $620.5 million was produced for the state’s general revenue fund, which was $8 million, or 1.3% , above the prior year and $22 million, or 3.7% , above the estimate.
Severance tax collections lag actual production by two months, so the recent lower prices for natural gas and oil will not affect the state’s revenues until November or December.
Meacham said the decline from peak prices should not significantly affect the state budget, which was based on oil at $71.56 per barrel and natural gas at $7.28 per thousand cubic feet.
The fiscal 2009 estimate of gross production on natural gas for the general revenue fund is $679.9 million and the estimate of gross production on oil for the general revenue fund is $80.3 million.
General fund collections for the first quarter of the current fiscal year totaled $1.57 billion, about $101 million more than in 2007 and $96.3 million above the estimate.
