August Revenue Up But Still Below Estimates

News9.com

OKLAHOMA CITY – Revenue collections for August show an increase from last year, but are still $1.5 million below the estimate, said State Treasurer Scott Meacham.

Preliminary reports show revenue collections for August 2010 were $350.8 million. That amount is a 4.6 percent increase from 2009.

"August revenue collections continue to show growth over the prior year, and year-to-date collections remain above the prior year and estimate," Meacham said. "Revenue growth, while still positive, slowed somewhat from what we had seen in prior months."

Meacham said sales tax and motor vehicle tax collections are a bright spot for the state, showing public confidence in the economy.

The state sales tax produced $136.8 million for the month, which is $9.3 million above the prior year and $7.1 million above the estimate. Motor vehicle taxes produced $15.6 million in August, which is $7.8 million above 2009 and $4.9 million above the estimate.

Read more of the revenue collections report.