Newspaper article THE JOURNAL RECORD

Revenues for State Improve by 11 Percent in May

Newspaper article THE JOURNAL RECORD

Revenues for State Improve by 11 Percent in May

Article excerpt

Journal Record Staff Reporter Boosted by a substantial gain in income tax revenues, Oklahoma's gen- eral revenue fund in May collected $213.6 million, up 11 percent from $192.5 million in May 1990, the Office of State Finance reported. For the first 11 months of the fiscal year that ends June 30, revenues totaled $2.8 billion, up 15 percent from $2.45 billion for the same period of the previous fiscal year. "All of the signals point to continued strength in our general revenue& receipts," said Doug Enevoldsen, state comptroller. "Our collections reflect increases both from last year's sales and income tax increases in House Bill 1017, the education reform act, and what appears to be modest-but-steady growth." The bulk of $15.9 million in gross production tax collections on oil and gas that otherwise would have gone to general revenue spilled over into the Capital Preservation and Economic Enhancement Fund in May. Some $3.6 million was all that remained to satisfy the $190 million statutory ceiling for severance taxes that can be apportioned to general revenue during a fiscal year. Therefore, $12.3 million went to the capital fund. Because only $3.6 million went to general revenue, this was a 73.6 percent decrease from $13.5 million in May 1990, but the percentage decrease was due to the $190 million cap. The issue becomes even more com- plex, because a new law provides that the $12.3 million capital fund, plus any June gross production tax receipts, will go to a newly created Education Reform Revolving Fund on June 30. The money will be dedicated to financing the reforms in House Bill 1017 in Fiscal Year 1993, for which the 1992 Legisla- ture will be appropriating. The transfer, and the new fund, were provided in the education appropriation bill passed by the Legislature this year. …
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