State general revenue collections fell 9.3% short of projections in January, Oklahoma Treasurer Scott Meacham said last week, mostly as a result of a 64% drop in oil and gas severance taxes from December.
Total revenues fell to $492.8 million in January, down from $583.2 million in January 2008. Revenues were $50.8 million less than expected.
“It would appear that Oklahoma is increasingly seeing the effects of the nationwide recession,” Meacham said.
All major categories except sales tax collections were less than expected, the treasurer said. Sales tax revenues rose 7.6%, from $137.5 million in January 2008 to $148 million last month.
Oil and gas revenues fell from $98.7 million in December to $35.2 million in January. That’s $16 million, or 31.2%, less than collected in January 2008.
Motor vehicle taxes recorded the largest drop, falling almost 60% from $22.5 million in January 2008 to $9.7 million last month.