OKLAHOMA CITY — Deposits to the state’s general revenue fund topped expectations in February, driven by much higher income tax and gross production tax receipts, according to figures released Tuesday by the Office of Management and Enterprise Services.
Total general revenue for the month was $385.2 million, or 20 percent above the estimate and 31 percent above the same month a year ago.
For the first eight months of this budget year, general fund deposits are 7 percent above the estimate for that period and nearly 18 percent above the prior year collections.
Those figures suggest a healthy deposit to the state’s constitutional reserve, or rainy day fund, but OMES Director John Budd warned against over optimism.
“I’m pleased to see strong returns in February, which is historically the weakest month of the fiscal year for collections,” said Budd. “But I would caution putting too much emphasis on the monthly drivers and instead look to the year-to-date numbers as a more accurate picture of the state’s fiscal outlook.”
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Total income tax collections, the largest source of general revenue, came in at $51.1 million, which was 15 percent above the prior year. Gross production tax receipts, totaling $82.1 million, nearly doubled expectations and were nearly triple the same month a year ago.
