Oklahoma revenues last month fell below collections in February 2012, Treasurer Ken Miller said last week, marking the fifth time in the past 12 months that collections did not attain the previous year's totals.
Total collections of $790.4 million in February were $19.5 million less than February 2012 despite a $12.6 million increase in the sales tax totals to $333.2 million.
"As with last March, June, August, and November, collections in February are lower than the same month of the prior year," Miller said. "This follows 24 consecutive months of collections beating the prior year."
Oklahoma's economy is growing slowly, Miller said.
"Our average growth rate between March 2011 and February 2012 topped 10%," he said. "For the past 12 months, growth has averaged 2%."
Oil and gas production taxes of $63.2 million in February were down $6 million from last year but up $5 million from January totals, Miller said.
Revenue from the sale of motor vehicles fell almost 10% from last year. Collections of $49.4 million last month were off $5.3 million from February 2012.
Gross collections over the past 12 months total $11.1 billion, Miller said, up $213.8 million from the previous 12-month period.
Collections over the period include $4 billion from the state income tax, $4.2 billion of sales tax revenue, and $697.2 million of motor vehicle collections.
Production tax collections of $711.3 million are down 31% from the earlier span.