OKLAHOMA CITY (AP) - Fueled by high energy prices, state revenue collections finished strong at the end of the fiscal year, ensuring a $25 million deposit into the state's constitutional Rainy Day Fund.
As a result of collections totaling about $6 billion for the 12-month period ending June 30, a surplus of $83 million will be available for legislative spending next year.
The office of state Treasurer Scott Meacham released a report on Tuesday showing that gross production taxes on oil and gas were up $186 million from a year ago, a 29 percent jump.
Net income taxes for the year are down almost $255 million from a year ago, partly because of tax cuts, officials said.
Total revenue collections increased enough to permit a deposit that raised the amount of money in the Rainy Day Fund to almost $600 million.
“High energy prices really drove collections, particularly in the last few months of the fiscal year,” Meacham said. “Higher than expected collections in gross production taxes is the key reason the Rainy Day Fund is full with money to spare.
“Stronger than expected gross production collections offset weaker than expected income tax and motor vehicle tax collections.”
Overall income tax collections were down 9.2 percent from a year ago and were 3.4 percent below the official estimate upon which the current budget for state agencies was built.
Personal income taxes were down 4.2 percent, or $98.6 million, and corporate income taxes were down 35.9 percent, or $156 million when compared against the previous fiscal year.
The state sales tax was up 5.3 percent from the prior year, while motor vehicle taxes dropped 5.3 percent from 2007.
Income taxes for June increased by less than 1 percent over the same month a year ago, while gross production taxes last month soared by 58.4 percent. Motor vehicle taxes were down 30 percent from the prior year.