NEWS RELEASE
Tuesday, April 12, 2005
For immediate release

MARCH REVENUE COLLECTIONS
ABOVE PRIOR YEAR AND ESTIMATE

(OKLAHOMA CITY) General Revenue Fund collections for the month of March were above prior year receipts and the Office of State Finance’s estimate, state finance officials reported today.

Preliminary reports show General Revenue Fund collections for March totaled $353.8 million. That amount was:

“Revenue collections remain strong,” said Scott Meacham, Director of the Office of State Finance. “While March typically is one of our worst months for individual income tax collections because of the high level of refunds, receipts from that source were well above both the prior year and the estimate. The gross production tax on natural gas and sales tax also continue to out-perform both estimated and prior year collections.”

Meacham added, “Year-to-date, collections are $212.0 million above the prior year and $271.6 million above the estimate. We are becoming more certain that we will make the maximum allowable Rainy Day Fund deposit at the end of this fiscal year and have excess revenues.”

“Our current projections are that another $200 million will be collected in the General Revenue fund. The Governor has proposed that one-half of this money be rebated to taxpayers with the other half set aside for the EDGE Research Endowment Fund. The endowment fund is a unique opportunity to establish Oklahoma as the ‘Research Capital of the Plains’.”

Deposits to the Constitutional Reserve or Rainy Day Fund are limited to 10 percent of the prior year certified General Revenue Fund collections which was $461.3 million in FY-2004. The fund currently has a balance of just over $217.5 million indicating a maximum allowable deposit of $243.8 million.

Net income taxes produced $138.2 million, which was $6.3 million or 4.8 percent above the prior year and $12.5 million or 9.9 percent above the estimate.

Individual returns produced $125.2 million, which was $24.0 million or 23.7 percent above the prior year and $27.4 million or 28.1 percent above the estimate. Corporate income tax receipts totaled $13.0 million, which was $17.7 million or 57.6 percent less than the prior year and $15.0 million or 53.4 percent under the estimate. Corporate income tax collections for the month were heavily impacted by several large refunds according to the Oklahoma Tax Commission.

The state sales tax produced $102.7 million for the month, which was $2.4 million or 2.4 percent above the prior year and $1.8 million or 1.8 percent above the estimate.

The gross production taxes on natural gas yielded 39.8 million for the month, which was $2.3 million or 6.1 percent above the prior year and $11.5 million or 40.6 percent above the estimate.

Motor vehicle taxes produced $17.8 million, which was $0.3 million or 1.5 percent below the prior year and $1.1 million or 5.8 percent below the estimate.

Other revenue produced $55.3 million for the month of March. This was $11.5 million or 26.2 percent above the prior year and $8.8 million or 18.8 percent above the estimate.