2011-11 General_Revenue_Fund_Collections_Outpace_Last_Years_Receipts 1 |
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Office of Management and
Enterprise Services (OMES) - General Revenue Fund Collections Outpace Last Years Receipts file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-11%20General_Revenue_Fund_Collections_Outpace_Last_Years_Receipts.html[9/21/2012 10:01:58 AM] Office of Management and Enterprise Services (OMES) Share | Print | Print Home / News / General Revenue Fund Collections Outpace Last Years Receipts News Release PRESTON L. DOERFLINGER Director and Secretary of Finance and Revenue MARY FALLIN Governor Dec. 13, 2011 For Immediate Release Media Contact: RON JENKINS Public Information Officer Oklahoma Office of State Finance (405) 521-3267 General Revenue Fund Receipts Climb in All Major Categories, Helped by Increased Activity in the Oil Patch OKLAHOMA CITY – Collections to the state's General Revenue Fund picked up pace in November, topping the collection rate for the same month a year ago by a whopping 22.6 percent, Office of State Finance Director Preston Doerflinger announced Tuesday. "It was the most robust month of the year for General Revenue Fund collections in terms of the percentage of revenue growth over the same month a year ago," Doerflinger said as he released the OSF's monthly revenue report. "We got a bonanza from gross production taxes on oil, but collections also were strong across all major tax categories," he said. "This is evidence that Oklahoma's recovery from the recession is ongoing as our economy continues to outperform those of most other states and the nation as a whole." Total collections to the General Revenue Fund through the first 5 months of FY-2012 were $2,155.8 million. This amount was $245.5 million and 12.9 percent above the first 5 months' collections for FY-2011 and $161.7 million, or 8.1 percent above the total estimate for the same period of FY-2012. Total collections for the General Revenue Fund in November were $424 million. This amount was $78.1 million and 22.6 percent above collections for the same month in 2010 and $64.6 million or 18 percent above the monthly estimate for 2011. Personal income tax collections outpaced last year's receipts by 21.2 percent, while beating the estimate by 23.6 percent. Sales tax receipts, based on October sales, were up 9.1 percent over a year ago and were 2.5 percent higher than the estimate. Motor vehicle taxes were up 22.9 percent from last year and surpassed the estimate by 5.7 percent. "As we approach the Christmas and holiday season, another double-digit month of revenue growth gives us something extra to celebrate,” Gov. Mary Fallin said. "Helped by Oklahoma's pro-growth and pro-jobs policies, our economy is definitely headed in the right direction. "Despite the revenue increase, however, the state is still recovering from the current recession, and we expect a flat budget for 2012. As such, it remains important for agencies to continue to tighten their belts and to pursue reforms and efficiencies that preserve revenue and save taxpayer dollars." The GRF received $34.8 million in oil tax revenue in November, compared to zero a year ago as the state continued to get an economic lift from increased drilling in the oil patch, propelled by strong prices for crude and improved drilling techniques. "A revitalized energy industry produces good paying jobs and spurs commerce across the state," Doerflinger said. "It’s been vital to the state’s steady economic recovery. "We will have to fill huge budget gaps next year that are tied to the necessity of using one-time funds to balance the current budget. We also must factor in the anticipated loss of some $50 million as the moratorium on energy tax rebates expires. FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds CIO Comptroller & Budget Employees & Benefits Central Purchasing Capital Assets Management Forms
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Title | 2011-11 General_Revenue_Fund_Collections_Outpace_Last_Years_Receipts 1 |
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Office of Management and Enterprise Services (OMES) - General Revenue Fund Collections Outpace Last Years Receipts file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-11%20General_Revenue_Fund_Collections_Outpace_Last_Years_Receipts.html[9/21/2012 10:01:58 AM] Office of Management and Enterprise Services (OMES) Share | Print | Print Home / News / General Revenue Fund Collections Outpace Last Years Receipts News Release PRESTON L. DOERFLINGER Director and Secretary of Finance and Revenue MARY FALLIN Governor Dec. 13, 2011 For Immediate Release Media Contact: RON JENKINS Public Information Officer Oklahoma Office of State Finance (405) 521-3267 General Revenue Fund Receipts Climb in All Major Categories, Helped by Increased Activity in the Oil Patch OKLAHOMA CITY – Collections to the state's General Revenue Fund picked up pace in November, topping the collection rate for the same month a year ago by a whopping 22.6 percent, Office of State Finance Director Preston Doerflinger announced Tuesday. "It was the most robust month of the year for General Revenue Fund collections in terms of the percentage of revenue growth over the same month a year ago," Doerflinger said as he released the OSF's monthly revenue report. "We got a bonanza from gross production taxes on oil, but collections also were strong across all major tax categories," he said. "This is evidence that Oklahoma's recovery from the recession is ongoing as our economy continues to outperform those of most other states and the nation as a whole." Total collections to the General Revenue Fund through the first 5 months of FY-2012 were $2,155.8 million. This amount was $245.5 million and 12.9 percent above the first 5 months' collections for FY-2011 and $161.7 million, or 8.1 percent above the total estimate for the same period of FY-2012. Total collections for the General Revenue Fund in November were $424 million. This amount was $78.1 million and 22.6 percent above collections for the same month in 2010 and $64.6 million or 18 percent above the monthly estimate for 2011. Personal income tax collections outpaced last year's receipts by 21.2 percent, while beating the estimate by 23.6 percent. Sales tax receipts, based on October sales, were up 9.1 percent over a year ago and were 2.5 percent higher than the estimate. Motor vehicle taxes were up 22.9 percent from last year and surpassed the estimate by 5.7 percent. "As we approach the Christmas and holiday season, another double-digit month of revenue growth gives us something extra to celebrate,” Gov. Mary Fallin said. "Helped by Oklahoma's pro-growth and pro-jobs policies, our economy is definitely headed in the right direction. "Despite the revenue increase, however, the state is still recovering from the current recession, and we expect a flat budget for 2012. As such, it remains important for agencies to continue to tighten their belts and to pursue reforms and efficiencies that preserve revenue and save taxpayer dollars." The GRF received $34.8 million in oil tax revenue in November, compared to zero a year ago as the state continued to get an economic lift from increased drilling in the oil patch, propelled by strong prices for crude and improved drilling techniques. "A revitalized energy industry produces good paying jobs and spurs commerce across the state," Doerflinger said. "It’s been vital to the state’s steady economic recovery. "We will have to fill huge budget gaps next year that are tied to the necessity of using one-time funds to balance the current budget. We also must factor in the anticipated loss of some $50 million as the moratorium on energy tax rebates expires. FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds CIO Comptroller & Budget Employees & Benefits Central Purchasing Capital Assets Management Forms |
Date created | 2012-09-24 |
Date modified | 2012-09-24 |
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