Collections in all major Oklahoma tax categories were up in March, with revenues over the past 12 months up 5%.
State Treasurer Ken Miller said total receipts in March of $923.3 million were $51.7 million more than in March 2010. Collections over the past 12 months total $9.9 billion, an increase of $492 million from the previous 12 months.
“Our analysis of all major sources of revenue deposited into the Treasury through March confirms Oklahoma’s economy is expanding at a relatively good pace, which should lead to continued job growth provided external shocks do not intercede,” Miller said last week.
Sales tax collection totaled $289.2 million, up $20 million from March 2010 but flat compared to February 2011 collections. Miller said 46% of state sales tax revenues are distributed to cities and counties. Oil and gas production taxes generated $105.8 million in March, up $32 million from February.
Miller said the state’s economy peaked in 2008, with total collections during the calendar year of $11.28 billion. The low point was in the 12 months that ended in January 2010, he said, with total collections of $9.36 billion.
Receipts over the past 12 months are $1.39 billion less than in 2008, Miller said.
“Oklahoma’s economy continues to mend, but full recovery from the Great Recession lies many months away,” he said.
The biggest percentage increase over the past 12 months came from oil and gas production taxes. Total collections of $948.2 million are up $184.5 million in the period from April 2009 to March 2010. The biggest dollar increase was posted by the sales tax, which brought in $3.65 billion over the period, up $269 million from the previous period.