Oklahoma revenue collections top estimate by 20 percent

OKLAHOMA CITY (AP) – State finance officials say collections to Oklahoma’s main operating fund exceeded the monthly estimate by nearly 20 percent, a jump attributed largely to continued economic recovery.

The Office of Management and Enterprise Services reported Tuesday that collections to the General Revenue Fund in May totaled nearly $500 million, about $82 million more than expected.

OMES Director Denise Northrup says lower-than-expected corporate and personal income tax refunds are partially responsible for the spike.

The gross production tax on oil generated $34 million last month, nearly 130 percent above the estimate. Tax collections for individual and corporate income, sales and motor vehicles all exceeded both the estimate and prior year collections.

Northrup says state officials expect a “robust” deposit into the state’s Rainy Day Fund.