Oklahoma state revenues in May exceeded the estimate and the previous year collections for the first time in four months due to high energy prices.
General fund revenues totaled $493.6 million in May, which was $58.4 million above May 2007 collections and $80.7 million more than expected.
“High energy prices, while a burden on consumers, are providing added revenue to fund state services,” said Treasurer Scott Meacham. “We continue to also see strength in personal income tax collections, reflecting a healthy job market.
“Corporate income tax collections, on the other hand, remain well below expectations,” he said. “We see this primarily as a reflection of national economic conditions.”
Gross production taxes on oil and natural gas yielded $103.4 million for the month, which was 51.8% higher than in 2007 and 46.4% above the estimate.
Personal income tax collections in May totaled $161.4 million, up $6.5 million from 2007 and $25.9 million above the estimate. Corporate income tax collections were $3.6 million, 17.2% below the same period in 2007 and 37.5% below the estimate.
The state sales tax produced $137.8 million for the month, almost 10% above May 2007 collections and 3.9% over the estimate. Year-to-date collections through the first 11 months of fiscal 2008 are $83.2 million above the estimate, but remain slightly below fiscal 2007 collections by $26 million, or 0.5%.
If total collections are more than 100% of the estimate at the end of the fiscal year, the rainy-day fund will receive a deposit. The fund currently has a balance of $571.6 million, allowing a maximum deposit of $25 million.