Oklahoma state revenues of $1.16 billion in April were $83 million more than in April 2011 despite a slide in oil and gas production tax collections.
“Oklahoma’s economy is reflecting health and resilience in spite of the low-price environment for natural gas,” said state Treasurer Ken Miller.
“We will closely monitor falling natural gas prices in the coming months to gauge any impact,” he said. “Right now, the Oklahoma economy looks good and free of any spillover effects.”
Miller said all major revenue sectors showed an increase over April 2011 totals except for the oil and gas production taxes, which were down 20%.
Income tax collections were up 10% in April, Miller said, and sales tax revenues rose by more than 7% after several months of double-digit growth.
The sales tax generated $347.3 million in April.
“Consumers appear confident in the direction of Oklahoma’s economy with sales still climbing, though at half the rate seen in March,” he said.
Oil and gas taxes were off for the fifth month in a row and for the sixth time in seven months. Revenue fell by $5.7 million from March totals to $62 million.