Oklahoma State Revenue Cut by Tax Refunds, Natural Gas
Oklahoma City (AP) -
Oklahoma's secretary of finance says state income tax refunds and a drop in natural gas production reduced general revenue fund receipts last month.
Secretary of Finance and Revenue Preston L. Doerflinger said Tuesday that collections totaled about $255 million in February. That's almost $29 million below collections in February 2012 and $20 million lower than the official estimate upon which this year's budget is based.
But Doerflinger says sales tax collections rose in February. Collections increased by 4.5% over the same month a year ago and are up 6.5% over the first eight months of the fiscal year that began on July 1.
Collections for the first eight months of the fiscal year are $3.5 billion, which is about $29 million below the same period one year ago.
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