Two-year revenue growth streat ends in March

Apr 4, 2012

OKLAHOMA CITY (AP) — State Treasurer Ken Miller says Oklahoma's two-year revenue growth streak has come to an end.

Miller said Tuesday that state revenue collections in March fell slightly below collections from the same month last year. Total collections for the month totaled about $921 million, down less than $3 million from collections in March 2011.

Miller says the biggest drop among the state's major sources of revenue was the gross production tax on oil and natural gas. He says revenue from that tax was down 36 percent in March.

Income tax collections were also lower for the first time in eight months. Miller says negative corporate income tax collections weighed down slightly positive personal income tax receipts.

Miller says he is not too troubled by the collections experience of a single month.