Newspaper article THE JOURNAL RECORD

Revenues Rise 3.3% in 1st Fiscal Quarter

Newspaper article THE JOURNAL RECORD

Revenues Rise 3.3% in 1st Fiscal Quarter

Article excerpt

Oklahoma's general revenue fund climbed 3.3 percent to $655.3 million for the first fiscal quarter ended Sept. 30, compared to $634.6 million during the same period of 1988, the Office of State Finance said.

The figure was about 99 percent of the expected total, the finance office said.

"Based on historical revenue patterns as applied to the FY-90 revenue estimate, we had anticipated an increase of about $25 million, which would have given us $660 million the first quarter," said Dr. Alexander Holmes, state finance director.

"We collected $655.3 million, or slightly more than 99 percent of that. In other words, we're right on target."

For the month of September, general revenues were up 6.3 percent to $249.3 million, compared to $233.5 million during September 1988.

Holmes said the state was able to come close to meeting its first quarter revenue goal because of increases in recurring revenue from a year ago in all four major tax categories, including a gain in sales taxes, which have risen for five consecutive and 15 of the past 16 months.

Following are specific quarterly results for tax categories.

- Sales tax receipts for the three months totaled $198.2 million, up 4.9 percent from $188.9 million during the year-ago fiscal quarter.

Sales tax receipts were up 2.8 percent in July, 6.6 percent in August and 5.5 percent in September. Each month's collections come from the preceding month's retail sales.

- Net income tax collections for the quarter were $246.4 million, down 1.4 percent from $249.8 million one year earlier.

- Tag agent remittances of $42.1 million were up 5.7 percent from $39.9 million during the year-ago quarter.

- Gross production tax collections totaled $47.1 million, up 10.4 percent from $42.7 million one year earlier.

For the month of September:

- Net income tax collections grew by 6. …

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