News Release

PRESTON L. DOERFLINGER Secretary of Finance and Revenue OSF Director

MARY FALLIN Governor

Feb. 14, 2011
For Immediate Release

Media Contact:
RON JENKINS
Media Advisor
Oklahoma Office of State Finance
(405) 521-3267

JANUARY REVENUE COLLECTIONS ABOVE PRIOR YEAR, ESTIMATE

OKLAHOMA CITY — Consumer spending jumped again in Oklahoma in January, helping General Revenue Fund collections to surpass last year’s receipts for the month by $79.9 million and the estimate by $23.9 million, Office of State Finance Director Preston Doerflinger announced Monday.

"Sales tax collections have now exceeded the estimate for 7 months in a row, a leading indicator the state is trying to shake off the effects of the long recession," said Doerflinger, Secretary of Finance in Gov. Mary Fallin’s cabinet.

"There is evidence of pent-up demand and optimism by Oklahoma consumers after a period of household belt-tightening," he said, pointing to a spike in motor vehicle taxes.

With sales taxes and motor vehicle taxes leading the way, preliminary reports show General Revenue Fund collections totaled $490.3 million in January which began the second half of the current fiscal year. That amount was:

• $79.9 million or 19.5 percent above the same month one year ago; and 
• $23.9 million or 5.1 percent above the estimate for the month.

"This is good news for our state but we need to continue to find ways to streamline operations and make government more efficient and more effective, regardless of the revenue picture," Governor Fallin said. "We also need to continue our focus on job creation and growing our economy so we can continue to bring more opportunities here for working Oklahomans and bolster state revenues," she added.

The preliminary report from OSF showed total General Revenue Fund collections are $2.855 billion, $92.1 million or 3.3 percent above the estimate for the first 7 months of the fiscal year and $245.7 million or 9.4 percent above prior year collections for this same period of time.

General Revenue Fund collections for major tax categories in January were:

Income taxes -- This source yielded $208.8 million in January for the FY-2011 General Revenue Fund, which was $16.3 million or 8.5 percent more than prior year collections from individual and corporate income taxes and $5.7 million or 2.8 percent above the estimate for revenues from the same sources.

Individual income tax receipts of $193.8 million were $5.6 million or 3.0 percent above the prior year and $2.5 million less or 1.3 percent below the estimate. Corporate returns totaled $15 million for the month which was $10.8 million or 260.2 percent more than prior year collections and were $8.2 million or 121.8 percent above the estimate.

Sales tax -- Sales Tax collections produced $147.8 million for the General Revenue Fund, $17.3 million or 13.2 percent more than the prior year and $10.6 million or 7.7 percent above the estimate.

Gross production tax -- The January taxes on natural gas and gross production oil accounted for $57 million in General Revenue Fund receipts, which was $22.3 million or 64.3 percent above the prior year and $10.7 million or 23.1 percent above the estimate.

Collections of gross production taxes on natural gas totaled $25.3 million, $0.7 million or 2.7 percent above prior year collections and $10.5 million less or 29.4 percent less than the estimate.

Collections of gross production taxes on oil produced $31.7 million, $21.6 million or 213.4 percent above prior year collections and $21.2 million or 202.5 percent more than the estimate.

Motor vehicle taxes -- This tax source produced $17.3 million, which was $13.3 million or 333.9 percent above the prior year and $10.1 million or 140.6 percent above the estimate.

Other Revenue -- Other revenue produced $59.4 million in January. This was $10.8 million or 22.2 percent above the prior year and $13.2 million or 18.2 percent below the estimate.

###