OKLAHOMA CITY – State Treasurer Scott Meacham said Oklahoma's economy is getting healthier as state revenue continues to improve.
The state collected $512.3 million in April. State revenues for the previous two months had exceeded budget estimates, but April collections are about 5 percent below the estimates.
"Earlier this fiscal year, monthly collections were falling more than 30 percent below prior year collections and the estimate," Meacham said."It appears the state turned a corner in February and, in spite of slightly lower income tax numbers in April, we believe that trend continues. We were particularly pleased to see improvement in sales tax collections over the prior year for the first time since April of last year."
After monthly allocations to state agencies are made Tuesday, $191 million remains to help replenish cash funds used earlier in the fiscal year to fund government services.
Some $44 million will still be owed to those cash funds. May collections are expected to be sufficient to repay the remaining balance.
"It's not quite time to sing ‘Happy Days Are Here Again,' but we are seeing signs of recovery in Oklahoma's economy," Meacham said. "April collections are slightly ahead of revised projections made in February."
Meacham said personal income tax collections are down for the month, due primarily to fewer and lower estimated tax payments and lower final tax payments.
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