Newspaper article THE JOURNAL RECORD

Revenue Collections Set Record for State / Highest Ever for Month of November

Newspaper article THE JOURNAL RECORD

Revenue Collections Set Record for State / Highest Ever for Month of November

Article excerpt

At $163.6 million, state general revenue fund collections for November were the highest they have ever been for that month, the Oklahoma Office of State Finance reported Tuesday.

In addition, November revenues were up 15.9 percent from $141.2 million for November 1986 - the highest increase this fiscal year (which began July 1) and the sixth straight monthly increase from a year ago.

Receipts showed increases in every major tax category for both the month and the year-to-date figure, showing signs of brighter economic activity, said Dr. Alexander Holmes, state finance director. They included sales tax, income tax, oil and gas gross production tax and tag agent revenues among others.

The revenues were based on October business, so they did not included Christmas holiday sales.

"Once again we are on target with our projections," said Holmes. "We are especially pleased that the increases are broad based, which indicates a strengthening of our economy."

The highest previous revenue for November was in 1984, when revenues totaled $162.3 million. Last month's revenues were up 0.8 percent from that figure.

Moreover, total state revenues for the fiscal year through November reached $925.1 million, up $86 million or 10.2 percent over $839.1 million for the same period of the previous fiscal year.

Here is a list of the individual tax categories and how last month's collections compared to November 1986:

- Sales tax revenues increased by $12 million, or 25.6 percent, to $59 million in November from $47 million in November 1986.

- Net income tax rose $7.1 million, or 16.1 percent, to $51.2 million in November from $44.1 million a year ago.

- Gross production revenues reached $17.1 million, up $1.7 million, or 11.3 percent, over $15.4 million in November 1986.

- Tag agent revenues totaled $10 million, an increase of $700,000, or 7.5 percent, over the $9.3 million collected a year ago.

Those four categories account for more than 80 percent of general fund revenues.

In addition, other sources of state revenue, such as fees, rose $800,000 or 3.3 percent form $25.3 million in November 1986 to $26.2 million last month.

In addition, cumulative increases were shown for all of those categories, except other sources of revenue, for the period from July to November.

The largest increase again was in the area of sales tax, which rose $57.3 million or 23.5 percent for the first five months of this fiscal year over the $243.9 million for the same period of the previous fiscal year. …

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