Oklahoma’s general fund revenues in June were below June 2011 totals, due to a 42% drop in energy severance tax collections, Treasurer Ken Miller said last week.
“Reductions in gross production and personal income tax collections combine to set our monthly number back, but other economic indicators, such as sales receipts, low unemployment and solid corporate profits, point to continued expansion,” Miller said.
June was the seventh month in a row that oil and gas production tax revenues fell.
It was also the second time in fiscal 2012 that overall monthly collections did not exceed 2011 revenues.
Collections last month totaled $994.9 million, down $6.5 million from June 2011.
Total state revenue in fiscal 2012 included $4 billion from the sale tax, $3.3 billion from the personal income tax, and $896.7 million from oil and gas severance taxes.