Oklahoma’s general fund revenues in May were $378.7 million, some $27.5 million more than expected and $21.6 million more than in May 2009.
State Treasurer Scott Meacham said the improvement was paced by strong increases in energy severance taxes and gains in sales tax collections.
“As we look back at collections throughout the fiscal year, it is becoming more apparent that our recovery started in February and that trend continues this month,” Meacham said.
The May revenues allowed the Office of State Finance to repay all the money transferred from cash funds in 2010 to provide reduced monthly budget allocations to state agencies. The funds had to be reimbursed by the end of fiscal 2010 on June 30.
Even with the repayment, Meacham said, Oklahoma will show a modest surplus.
“We have now paid back all $320.9 million of the funds transferred to make allocations earlier in the year, and, after monthly allocations are made today, we will have a remainder of $6.7 million,” he said.
“The outlook is good as collections in June should exceed spending requirements and the remaining funds will be used to seed the cash-flow reserve fund for use next fiscal year.”
Collections in the first 11 months of fiscal 2010 total $4.1 billion.
Total revenue so far is $781 million below the official estimate for the first 11 months and $955 million less than in the same period of fiscal 2009.
The sales tax generated $131.4 million in May, some $700,000 more than expected and $8.8 million more than in May 2009.
The gross production tax on oil and natural gas yielded $56.2 million in May. The revenue came in 377%, or $44.4 million, more than expected and $29 million more than in May 2009.