Oklahoma general fund revenues of $247.1 million were $25.7 million more than in February 2010 and 4% more than expected, state finance director Preston Doerflinger said last week.
However, he noted, revenues remain far below pre-recession levels.
“These numbers should be kept in context, understanding income tax collections are still 32% below collections in February of 2008,” Doerflinger said. “They do, however, indicate that we are experiencing a gradual recovery.”
Collections in February 2007 totaled $305 million, he said, with $303 million collected in February 2008 despite a cut in the state income tax rate.
Doerflinger said the increase was paced by stronger-than-expected revenue from the state sales tax.
“We had double-digit growth again in sales tax receipts, compared with February a year ago, and it came when sales tax collections of other states trailed off,” Doerflinger said.
Sales tax collections of $126.6 million last month were 5% better than expected and 11% higher than in February 2010.
State Treasurer Ken Miller said Oklahoma has collected $3.1 billion in the first seven months of fiscal 2011.
That intake is $101 million more than was expected and $271.4 million more than in the same period of fiscal 2010, according to Miller.
“While strong leading economic indicators are driving renewed consumer optimism, potential threats to the recovery must be acknowledged and job numbers must continue to improve,” he said.