News Release

PRESTON L. DOERFLINGER Secretary of Finance and Revenue OSF Director

MARY FALLIN Governor

Jan. 11, 2011
For Immediate Release

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

DECEMBER REVENUE COLLECTIONS ABOVE PRIOR YEAR, ESTIMATE

OKLAHOMA CITY — Oklahoma General Revenue Fund collections in December were $52.1 million above prior year receipts for the month and $18.9 million above the estimate, the Office of State Finance reported today.

Preliminary reports show General Revenue Fund collections totaled $454.5 million in December. That amount was:

• $52.1 million or 13.0 percent above the same month 1 year ago; and $18.9 million or 4.3 percent above the estimate for the month

Total General Revenue Fund collections year-to-date are $2.365 billion, $68.3 million or 3 percent above the estimate for the first 6 months of the fiscal year and $165.8 million or 7.5 percent above prior year collections for this same period of time.

Income taxes -- This source yielded $203.8 million in December for the FY-2011 General Revenue Fund, which was $31.7 million or 18.4 percent more than prior year collections from individual and corporate income taxes and $6.9 million or 3.5 percent above the estimate for revenues from the same sources.

Individual income tax receipts of $172.9 million were $18.7 million or 12.1 percent above the prior year and $5.1 million less or 2.9 percent below the estimate. Corporate returns totaled $31 million for the month which was $12.9 million or 71.8 percent more than prior year collections and were $12 million or 63.3 percent above the estimate.

Sales tax -- The state’s No. 2 revenue source produced $145.2 million for the General Revenue Fund, $9.4 million or 7 percent more than the prior year and $4.3 million or 3.1 percent above the estimate.

Gross production tax -- The taxes on natural gas and gross production oil accounted for $34.5 million in General Revenue Fund receipts, which was $4.3 million or 14.2 percent above the prior year and $1.8 million or 5.5 percent above the estimate.

December collections of gross production taxes on natural gas totaled $19.4 million, $10.8 million or 35.7 percent below prior year collections and $13.3 million less or 40.6 percent less than the estimate.

Collections of gross production taxes on oil produced $15.1 million.  No monthly collections were received from this source in the prior year and none were estimated to be received in December of this year.   

Motor vehicle taxes -- This source produced $13.6 million, which was $2.6 million or 23.7 percent above the prior year and $4.2 million or 45.1 percent above the estimate.

Other Revenue -- Other revenue produced $57.3 million in December. This was $4.1 million or 7.7 percent above the prior year and $1.6 million or 2.9 percent above the estimate.

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