Oklahoma general fund collections in January totaled $490.3 million, or almost $80 million more than in January 2010 and $24 million more than expected.
State Treasurer Ken Miller said last week that monthly revenue collections have been increasing steadily over the past 12 months.
“In 10 of the past 12 months, collections have exceeded the prior year, topping it for nine consecutive months,” he said. “January marks the second month in a row of double-digit growth over the prior year.”
General fund collections of $2.9 billion in the first seven months of fiscal 2011 is $245.7 million more than the same period of fiscal 2010 and $92.1 million more than the official estimate.
Oklahoma’s healthy economic activity at the start of 2010 demonstrates that the recession is ebbing, Miller said, but full recovery will not come quickly.
“Our economy has a long way to go before we get back to pre-recession levels,” he said. “Compared to two years ago [fiscal 2009], year-to-date revenue collections are down by more than $700 million or 20%.”
Corporate and personal income taxes generated $208.8 million in January, up $16.4 million from January 2010 and $5.7 million more than expected.
In January, net income taxes, a combination of corporate and personal income taxes, produced $208.8 million. That figure is $16.4 million, or 8.5%, above the previous year and $5.7 million, or 2.8%, above the estimate.
The sales tax produced $147.8 million for the month, which is $17.3 million more than last year and $10.6 million above the estimate.