Oklahoma state tax collections failed to meet expectations for the fourth month in a row, with collections in April down 3.5% from April 2006 and 3.4% below the official estimate.
Collections totaled $654.8 million, which was about $23 million less than expected.
State Treasurer Scott Meacham said individual and personal income taxes were down, as were sales tax revenues. However, gross production taxes on oil and gas were up 85% from April 2007.
“If the current trend continues, we should finish the fiscal year in two months with sufficient revenue to meet the state’s spending obligations,” said Meacham, the cabinet secretary for finance and revenue. “However, we will likely make little to no deposit to the rainy-day fund.”
State spending is limited to 95% of the official estimate. If revenues exceed 100% of the estimate, the money would be put into the budget stabilization fund, which currently stands at $571.6 million.
April’s net income tax collections totaled $359.9 million, which is $34.2 million or 8.7% less than in 2007, and $45.3 million or 11.2 % below the estimate.
The state sales tax generated $110.7 million in April, which is $23.9 million or 17.8% less than in April 2007, and $28.7 million or 20.6% below the estimate. The state said the dip can be at least partly attributed to a one-time refund of approximately $30 million to an energy company that erroneously paid excess tax earlier in the fiscal year.
The gross production tax on oil and natural gas yielded $92.6 million in April, $35 million more than in April 2007 and $42.6 million above the estimate.
