Oil and Gas Tax Collections Grow But Not Overall State Collections for April

While state revenue collections are continuing to fall in Oklahoma, tax revenue from oil production is going up according to figures released this week by State Secretary of Finance Preston Doerflinger.

General Revenue Fund collections for April missed the official monthly estimate by 12.9 percent and were 4.4 percent below the estimate for the fiscal year. The April GRF collections totaled $611.8 million which is $90.3 million or 12.9 percent below the official estimate upon which the fiscal year 2017 appropriated state budget was based. The April collections were also $812,000 or 0.1 percent below the previous year collections.

Gross production tax collections totaled $14.3 million. They were $1.4 million or 11.1 percent above the estimate and $7.8 million or 118.9 percent above the previous year.

Natural gas collections weren’t so good. They totaled $12 million but were $489,000 or 3.9 percent below the estimate. However, they remained $5.8 million or 91.3 percent more than the prior year collections.

Oil collections offered more positive news as they totaled $2.2 million and $1.9 million or 614.2 percent more than the estimate. The oil collections were also $2 million higher or 897.5 percent above the prior year.

 

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