The State of Oklahoma’s new fiscal year is off to a better-than-expected start according to preliminary budget figures. The Oklahoma Public Employees Association received the good news with optimism saying that Oklahoma’s economy is showing signs of recovery.
State Treasurer Scott Meacham released the preliminary July figures on Tuesday. They show that collections for the month totaled $370 million. That’s about 10 percent above collections in July 2009 and nearly 12 percent above the official estimate.
Meacham says collections for all major revenue areas except one exceeded revenue projections. He said the gross production tax on natural gas was about 27 percent lower than expected.
Meacham said he was particularly pleased the state sales tax exceeded both prior-year collections and the estimate. He said it shows Oklahomans have faith in the state’s economy.