General fund revenues in November exceeded November 2011 collections by 22.6% thanks to increased oil exploration and production, Oklahoma finance director Preston Doerflinger said last week.
“It was the most robust month of the year for general revenue fund collections in terms of the percentage of revenue growth over the same month a year ago,” Doerflinger said. “We got a bonanza from gross production taxes on oil, but collections also were strong across all major tax categories.”
Doerflinger said the state collected $34.8 million from the oil severance tax last month, up from zero in November 2010.
Collections totaled $424 million last month, up $78 million from November 2010 and $64.6 million more than expected.
Revenue in the first five months of fiscal 2012 total $2.16 billion, an increase of $245.5 million from the same period of fiscal 2011 and $161.7 million above the official estimate.
Gov. Mary Fallin said the increase was good news, but it does not mean the state is out of its fiscal troubles.
“As we approach the Christmas and holiday season, another double-digit month of revenue growth gives us something extra to celebrate,” Fallin said. “Despite the revenue increase, however, the state is still recovering from the current recession, and we expect a flat budget for 2012.”