Overall gross collections to the state treasury are continuing to rise, officials reported Monday, but finance officials say they still expect a relatively flat budget next year for most Oklahoma agencies.
OKLAHOMA CITY (AP) — Overall gross collections to the state treasury are continuing to rise, officials reported Monday, but finance officials say they still expect a relatively flat budget next year for most Oklahoma agencies.
The latest figures from Oklahoma Treasurer Ken Miller's office show total collections to the state treasury in October increased by 7 percent from October of last year, mostly as a result of the state's production tax on oil and natural gas drilling. Miller also reported the economy doesn't appear to be showing any negative effects from the 16-day partial shutdown of the federal government and the last-minute negotiations over the debt ceiling.
"All major tax categories showed growth, indicating the state economy is continuing to expand," Miller said.
While Miller's figures calculate total receipts and suggest the state's economy is growing, those numbers don't necessarily reflect how much money the Legislature will have to appropriate to state agencies next year. Those figures on collections to the state's general fund will be released later this month, and suggest a relatively flat budget for the next fiscal year that begins July 1.
Miller's figures don't take into account such factors as massive tax rebates to the oil and gas industry for various drilling exemptions, and the estimated $60 million that is being diverted from income tax collections to pay for renovations to the state Capitol.
Oklahoma's Secretary of Finance Preston Doerflinger has said collections to the general revenue fund that is used to pay for state government programs have been slightly below projections for the first several months of the current fiscal year.