Oil Patch Puts Extra Money In Oklahoma's Coffers

Tuesday, November 15th 2011, 2:07 pm
By: News 9

State finance officials say a boom in Oklahoma's oil patch is providing the state with an unexpected boost in general revenue.

Office of State Finance Director Preston Doerflinger said Tuesday that a $150 million limit on dedicated revenues from oil production taxes was met in October. He says the result is $7.6 million from gross production taxes on oil was deposited into the state's general fund last month.

The first $150 million in oil production taxes is dedicated by state law to various funds. Most are education related. For the rest of the fiscal year -- more than 80 percent of oil production revenue will flow into the general fund.

Total collections to the general revenue fund last month were more than both last year's collections and the official estimate.