Oklahoma tax revenues outpaced expectations in the first month of fiscal 2011, with $370.1 million in collections. The total is almost 10% better than July 2009 and almost 12% above the official state budget estimate.
"Collections in all major areas are above the same month of last year," said state Treasurer Scott Meacham. "As we begin the new fiscal year, the recovery of Oklahoma's economy is obviously underway.
The sales tax brought in $139 million, which was $7.6 million more than expected and $9.6 million more than collected in July 2009.
Income tax collections totaled $140 million, with $131.6 million from the tax on individuals and $8.4 million in corporate taxes. Collections were $7.5 million more than in July 2009 and $29.2 million more than predicted.
Total revenue in July was almost $87 million less than collected in July 2008.