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Office of Management and Enterprise Services (OMES) - General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year file:///Y|/News_Letters/Newsletters/General%20Revenue%20Collections%20OEMS/2012-10-09%20general%20rev%20coll.htm[11/26/2012 2:55:07 PM] Office of Management and Enterprise Services (OMES) Share | Print | Print Home / News / General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year News Release PRESTON L. DOERFLINGER Secretary of Finance and Revenue MARY FALLIN Governor Tuesday, Oct. 9, 2012 For Immediate Release Media Contact: RON JENKINS Public Information Officer Oklahoma Office of State Finance (405) 521-3267 General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year OKLAHOMA CITY – General Revenue Fund collections swung back to positive territory in September, easily topping projections and receipts for the same month a year ago, state Finance Secretary Preston L. Doerflinger announced Tuesday. "Three of the four major contributors to the General Revenue Fund—combined income, sales and motor vehicle taxes—showed growth in September," Doerflinger said. "The Oklahoma economy has been on a roll the past two years and this report indicates to me that our recovery from the recession is still ongoing." Total collections to the General Revenue Fund for the month of September were $541.9 million, up $15.6 million and 3 percent from a year ago. The amount collected for the month was $19.3 million and 3.7 percent higher than the estimate. Gov. Mary Fallin was pleased with the latest GRF report. "With three of the four major contributors to the General Revenue Fund on the rise, it's another positive sign Oklahoma's economy is on the right track," Fallin said. "Our state continues to have one of the lowest unemployment rates in the country, while ranking among the top job-creating states. By focusing on pro-growth policies, we'll be more able to keep Oklahoma's economic momentum moving forward." The September report contrasted with the GRF report in August, when total receipts declined by 6.8 percent from the previous year due mainly to lower natural gas tax and income tax receipts. "This illustrates perfectly why it's unfortunate that some read too much into variances in GRF tax receipts from month to month," Doerflinger said. "For instance, income tax collections are often unpredictable because of a number of factors such as the amount of rebates, timing of remittances and number of collection days in a particular month." Doerflinger said the uninformed might look at the small amount of oil and natural gas taxes accruing to the General Revenue Fund and conclude wrongly that there was little activity in the Oklahoma oil patch. He pointed out that the GRF never receives any money at the start of a fiscal year from oil taxes because the first $150 million in oil tax receipts are earmarked to education funds. "As for lagging natural gas tax collections this quarter, the GRF is losing nearly as much money due to expiration of the moratorium on energy tax credits as it is losing because of prices," Doerflinger said. "Fortunately, strong tax collections in other areas are making up for those losses." The secretary of finance said the Oklahoma Department of Commerce's latest Economic Snapshot report shows Oklahoma continues to be second among the states in manufacturing job growth and now has 3,000 more jobs overall than before the recession. "Since Gov. Fallin took office, we've gained more than 59,000 jobs, including 12,300 in manufacturing. Personal income is rising and our unemployment rate of 5.1 percent in August was the fourth lowest in the country," Doerflinger said. FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds CIO Comptroller & Budget HR & Benefits Central Purchasing Capital Assets Management Forms
Object Description
Okla State Agency |
Management and Enterprise Services, Oklahoma Office of |
Okla Agency Code |
'090' |
Title | General revenue fund collections, 09/2012 |
Authors |
Oklahoma. Office of Management and Enterprise Services. |
Publication Date | 2012-10-09 |
Publication type |
Financial Report |
Purpose | General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year |
For all issues click |
M500.6 G326r |
Digital Format | PDF Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://www.ok.gov/OSF/News/General_Revenue_Collections_Pick_Up_in_September;_Three_Top_Tax_Categories_Up_Over_Previous_Year.html |
Rights and Permissions | This Oklahoma State Government publication is provided for educational purposes under US copyright law. Other usage requires permission of copyright holders. |
Language | English |
Date created | 2012-11-28 |
Date modified | 2012-11-29 |
OCLC number | 819810895 |
Description
Title | 2012-10-09 general rev coll 1 |
Full text | Office of Management and Enterprise Services (OMES) - General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year file:///Y|/News_Letters/Newsletters/General%20Revenue%20Collections%20OEMS/2012-10-09%20general%20rev%20coll.htm[11/26/2012 2:55:07 PM] Office of Management and Enterprise Services (OMES) Share | Print | Print Home / News / General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year News Release PRESTON L. DOERFLINGER Secretary of Finance and Revenue MARY FALLIN Governor Tuesday, Oct. 9, 2012 For Immediate Release Media Contact: RON JENKINS Public Information Officer Oklahoma Office of State Finance (405) 521-3267 General Revenue Collections Pick Up in September; Three Top Tax Categories Up Over Previous Year OKLAHOMA CITY – General Revenue Fund collections swung back to positive territory in September, easily topping projections and receipts for the same month a year ago, state Finance Secretary Preston L. Doerflinger announced Tuesday. "Three of the four major contributors to the General Revenue Fund—combined income, sales and motor vehicle taxes—showed growth in September," Doerflinger said. "The Oklahoma economy has been on a roll the past two years and this report indicates to me that our recovery from the recession is still ongoing." Total collections to the General Revenue Fund for the month of September were $541.9 million, up $15.6 million and 3 percent from a year ago. The amount collected for the month was $19.3 million and 3.7 percent higher than the estimate. Gov. Mary Fallin was pleased with the latest GRF report. "With three of the four major contributors to the General Revenue Fund on the rise, it's another positive sign Oklahoma's economy is on the right track," Fallin said. "Our state continues to have one of the lowest unemployment rates in the country, while ranking among the top job-creating states. By focusing on pro-growth policies, we'll be more able to keep Oklahoma's economic momentum moving forward." The September report contrasted with the GRF report in August, when total receipts declined by 6.8 percent from the previous year due mainly to lower natural gas tax and income tax receipts. "This illustrates perfectly why it's unfortunate that some read too much into variances in GRF tax receipts from month to month," Doerflinger said. "For instance, income tax collections are often unpredictable because of a number of factors such as the amount of rebates, timing of remittances and number of collection days in a particular month." Doerflinger said the uninformed might look at the small amount of oil and natural gas taxes accruing to the General Revenue Fund and conclude wrongly that there was little activity in the Oklahoma oil patch. He pointed out that the GRF never receives any money at the start of a fiscal year from oil taxes because the first $150 million in oil tax receipts are earmarked to education funds. "As for lagging natural gas tax collections this quarter, the GRF is losing nearly as much money due to expiration of the moratorium on energy tax credits as it is losing because of prices," Doerflinger said. "Fortunately, strong tax collections in other areas are making up for those losses." The secretary of finance said the Oklahoma Department of Commerce's latest Economic Snapshot report shows Oklahoma continues to be second among the states in manufacturing job growth and now has 3,000 more jobs overall than before the recession. "Since Gov. Fallin took office, we've gained more than 59,000 jobs, including 12,300 in manufacturing. Personal income is rising and our unemployment rate of 5.1 percent in August was the fourth lowest in the country," Doerflinger said. FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds CIO Comptroller & Budget HR & Benefits Central Purchasing Capital Assets Management Forms |
Date created | 2012-11-28 |
Date modified | 2012-11-28 |