State Revenue Collections Resume Upward Climb

May 3, 2012

OKLAHOMA CITY (AP) — Oklahoma Treasurer Ken Miller says the state's total revenue collections are resuming their upward trend despite the impact that low natural gas prices are having on state finances.

Miller released figures on Wednesday that show total collections for April were $1.16 billion, an increase of 7.7 percent over the same month last year. He reported that every major source of revenue was up over the same month a year ago, with the exception of taxes on oil and natural gas production, which dropped by more than 20 percent.

It is the fifth straight month that collections from the gross production tax were below collections from the same month in the prior year.

But Miller says he remains confident that other sources of revenue will make up for decline in the price of natural gas.