New Revenue Numbers Show Possible Improvement for OK
Filed by Michael Cross in Feature, Local News, News, Politics.
March 10, 2010
For the first time since December of 2008, state revenue collections came in above the estimate.
February collections came in 0.4% above the estimate mostly because of oil and gas revenues as well as income tax collections.
State treasurer Scott Meacham says this news along with shrinking unemployment numbers could mean better days ahead for Oklahoma.
“We’re starting to see the very first signs of what has been the longest deepest downturn in state revenue history maybe finally starting to bottom out and end.”
Meacham says the collections were helped through net income taxes which came in 218% above the estimate and gross production tax on oil and natural gas at 92% above the estimate.
Sales Tax remains low at 14% below the estimate and motor vehicle tax at 16% below the estimate.
The leaders of the House and Senate sent out press releases encouraging the new numbers, but warn the state still faces more than a billion dollar shortfall for the upcoming fiscal year.
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