Collections up as fiscal year comes to an end
OKLAHOMA CITY– With only one month left in this fiscal year, state leaders say collections are up.
General Revenue Fund collections are at $5 billion, which is $65.1 million over the total collections from the same period a year ago.
Secretary of Finance and Revenue Preston Doerflinger said, “Oklahoma’s economy remains robust and reliable heading into the home stretch of the fiscal year.”
Personal and corporate income tax collections in May ran ahead of projections and last year’s receipts.
“Oklahoma’s pro-growth policies are catching national attention because they’re working,” said Gov. Mary Fallin. “We’re becoming a standard bearer for economic growth with solid revenue collections and an enviable unemployment rate, now 4.9 percent, compared to a national jobless rate of 7.6 percent. Oklahoma is very much open for business, and business is good.”
Individual income taxes contributed $176.3 million to the General Revenue Fund in May.