OKLAHOMA CITY (AP) — Oklahoma's treasurer says low crude oil prices have pushed state revenues below levels recorded a year ago.
Treasurer Ken Miller said Monday that state revenue collections in March were almost $28 million less than in March 2014, in large part due to a 48 percent drop in oil and natural gas gross production receipts.
March sales tax collections also fell below the prior year, down by 2.3 percent. That marks the first time in two years that monthly sales tax receipts have not shown growth over the prior year.
But Tax Commission officials say that sales tax collections last March were abnormally high due to two large audit payments and receipt of a one-time payment.
Income tax, motor vehicle and other collections increased in March compared to the prior year.