The Norman Transcript

November 15, 2012

State revenues still rising

The Norman Transcript

NORMAN — The pre-election belt tightening that much of the nation groaned about didn’t seem to materialize in Oklahoma. All of the state’s major tax categories that feed into the general fund — save for gross production taxes — showed increases in October from the same month in 2011.

Sales taxes were up 7.6 percent and beat the estimate by nearly 10 percent, indicating consumers remain confident about the economy. October collections had the second consecutive month of increases. For the year, General Revenue fund collections are up more than $24 million, 1.4 percent. More importantly, it’s 3.6 percent above estimate. The estimate is what budget builders use to predict revenues.

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