DALLAS — Oklahoma tax collections of $1 billion in September pushed the 12-month revenue total to more than $11 billion, a level not recorded since late 2008 as oil and gas taxes continue their rebound.
The fifth straight monthly increase in energy tax collections is a positive sign, Treasurer Ken Miller said Oct. 3, but disputes in Washington threaten to derail the recovery.
"In the short run, the federal government shutdown will create inconveniences and nuisances," he said. "In the longer term, it could negatively impact the recovery by dampening demand and eroding confidence."
The loss of federal funding for shared program expenses could inhibit the state's ability to deliver core services, Miller said at a news conference in Oklahoma City.
Failure to deal with the debt ceiling could be even worse than the shutdown, he said.
Miller said he was concerned over "the renewed insistence on playing Russian Roulette with the nation's debt ceiling" because the world economy is based on the full faith and credit of the United States.
"If that faith were damaged by default, Oklahoma would suffer from the negative effects on the dollar, interest rates, personal investment, consumption, and jobs." Miller said. "Billions of state investment in federal securities could be at risk."
Oil and gas production tax collections were up 31% in September over a year earlier, he said.
"As measured by state revenue collections, Oklahoma's economy continues its climb up the expansion side of the business cycle," said Miller.
The turnaround in production taxes is encouraging, he said.
"After 17 months of falling gross production numbers, it's good to see the positive trend and the effects it has on our state and businesses," Miller said.
The 12-month total from October 2012 through September 2013 of $11.33 billion is almost $20 million more than collections in the 12 months that ended in August, and $207 million more than in the period that ended September 2012.
The personal income tax brought in $4.13 billion, with $4.24 billion from the sales tax.
Oil and gas production tax revenues totaled $762 million, down $1.2 million.
The $1.01 billion of September collections include $69.7 million from the energy production taxes, up $16.6 million from September 2012 and $3.5 million more than in August.
Personal income tax collections of $291.1 million in September were $8.4 million more than last year. Corporate income tax collections fell $17.3 million to $103 million in September.
Sales tax collections of $364.6 million include remittances due to cities and counties.