State Revenue Collections off 0.6 Percent in February

By Wolfe, Lou Anne | THE JOURNAL RECORD, March 16, 1994 | Go to article overview

State Revenue Collections off 0.6 Percent in February


Wolfe, Lou Anne, THE JOURNAL RECORD


Journal Record Staff Reporter

Oklahoma general revenue collections, showing strength in income and sales tax receipts, totaled $220.9 million in February, down 0.6 percent from $222.2 million in February 1993, the Office of State Finance reported Tuesday.

The figure was down 1.4 percent from the budget writers' estimate.

For the first eight months of the fiscal year that began July 1, collections totaled $2.2 billion, up 3.8 percent from $2.1 billion in the same period of the prior fiscal year. This was 0.6 percent above the estimate.

"We continue to see positive economic signs in the collections pattern, particularly in income and sales taxes," said Jack E. White, director of state finance. Those two categories exceeded the estimate in both the monthly and year-todate totals. They produce nearly 75 percent of annual general revenue fund receipts.

The estimate is an important figure because it represents expected growth prior to the start of the fiscal year and "as such, is the best indicator for comparing where we expected to be," White said. "It also is important because each fiscal year's general revenue appropriations are based on the estimate."

February was the third consecutive month in which income and sales tax receipts ran ahead of the corresponding monthly and year-to-date periods, as well as the estimate, White said.

Income tax collections in February totaled $80 million, up 16.1 percent from $68.9 million for February 1993. The figure was up 2.5 percent from the estimate.

For the eight months, collections totaled $958.3 million, up 6.6 percent from $898.6 million in the same period of the prior fiscal year. This was 1.2 percent above the estimate.

Income tax withholding receipts, another economic barometer, showed a gain of 6.8 percent for the month and 6.2 percent for the year to date.

Sales tax collections for February totaled $77.5 million, up 7.2 percent from $72.3 million in February 1993. This was 3.2 percent ahead of the estimate.

For the eight months, collections totaled $695.1 million, up 7 percent from $649.6 million in the same period of the previous fiscal year. This was 1.5 percent above the estimate.

While the two leading tax sources fared well in February, total general revenue collections showed a decline from a year ago principally because of a drop in earnings from state deposits, the report said.

State deposits earned $4.7 million in February, down 76.3 percent from February 1993 and down 53 percent from the estimate. For the eight months, deposits earned $38.7 million, down 41.1 percent from the same period of the previous fiscal year, and down 30. …

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