Oklahoma’s tax collections in August totaled $350.8 million, up $15.8 million from August 2009 but $1.5 million less than expected.
The $720.1 million of total revenues for the first two months of fiscal 2011 is $49 million more than the same period of fiscal 2010 and $37.8 million more than expected.
Treasurer Scott Meacham said he was not concerned that revenues did not meet the official estimate.
Most of the decline was in the natural gas severance tax and income tax collections, he said.
“Revenue growth, while still positive, slowed somewhat from what we had seen in prior months,” he said.
“Natural gas prices have been somewhat lower during the summer months, which has impacted gross production collections,” Meacham said. “Lower income tax collections appear to be attributable to non-recurring items.”
The state sales tax brought in $136.8 million in August, which is $9.3 million more than in August 2009 and $7.1 million above the estimate.
Income tax revenues totaled $116.9 million in August, including $116.3 million in personal taxes and $600,000 of corporate taxes. The total is $4.2 million less than expected.
The gross production tax on natural gas yielded $28.4 million in August, which is $7.6 million more than last year and $700,000 below expectations.