General revenue fund collections, 11/2011

              Office of Management and 
Enterprise Services (OMES) - General Revenue Fund Collections Outpace Last Years Receipts
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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.
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