The Norman Transcript
NORMAN — Oklahoma’s roller coaster economic ride continues with August General Revenue Fund collections dropping 10 percent from the same month in 2012.
Officials told The Tulsa World the dip was an “anomaly” caused by unusually high income tax refunds. The fund should even out throughout the year.
The World reported that income tax collections brought in $103.7 million, or nearly 28 percent below last year’s collections for August. Sales taxes, the biggest source of state revenue, generated $163.4 million, or less than half a percent below the 2012 amount.
Cities and towns are reporting sales tax revenue growth. Norman and Moore both showed increases in their last reports. Both cities saw a bump from post-tornado spending.
The state’s Gross Production Tax brought in more than $8 million compared to very little revenue in August 2012.