Newspaper article THE JOURNAL RECORD

State Revenues Increased 4.8 Percent to $173 Million

Newspaper article THE JOURNAL RECORD

State Revenues Increased 4.8 Percent to $173 Million

Article excerpt

Oklahoma's general revenues for March totaled $173 million, up 4.8 percent from $165.1 million in March 1988.

For the first nine months of fiscal year which started July 1, state revenues totaled $1.849 billion, up 9 percent from $1.69 billion for the same period of the previous fiscal year.

The nine-month figure barely exceeds the $1.845 billion that the Oklahoma Office of State Finance last July estimated would be collected by this date.

The finance office on Feb. 21 projected the general revenue fund would collect 103.4 percent of the original 12-month estimate of $2.5 billion by June 30, the end of the fiscal year. Any amount that exceeds 100 percent of the original estimate will go into the Constitutional Reserve "rainy day" fund.

Here are March general revenue highlights.

- Retail sales tax collections in March totaled $53.9 million, up 1.9 percent from $52.9 million in March 1988. For the first nine months of the fiscal year, collections were $554.1 million, up 3.1 percent from $537.3 million for the same period of the previous fiscal years.

"Our economy continues to register modest steady growth," said Alexander Holmes, state finance director.

- Income tax collections in March were $62.9 million, up 20.6 percent from $52.1 million the previous March.

For the first nine months, income taxes totaled $692.3 million, up 20.4 percent from $574.9 million during the same period of the previous fiscal year.

- Gross production tax collections on oil and gas in March yielded $15.5 million, down 6.5 percent from $16.6 million in March 1988.

For the nine months, gross production taxes were $130.6 million, down 15.6 percent from $154.8 million for the same period of fiscal 1988. …

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