Oklahoma Fiscal Year 2012 Ending Strong
- Sales Tax News
- Jun 15, 2012 | Susan McLain
Oklahoma cities have been growing strong this fiscal year, but so has the state. According to a report by NewsOK, Oklahoma had a dismal $2 in the Rainy Day fund in 2010. Next month, the Rainy Day fund may be close to a record high.
Secretary of Finance and Revenue Preston Doerflinger said, “…sales tax receipts in May were 6.8 percent more than the same month a year ago, while motor vehicle tax collections were up 10.3 percent for the same period.” Revenue growth has been steady and strong enough this past fiscal year to give the state “…11 months of revenue in the bank, with almost 10 percent growth, while exceeding the official estimate for that period by nearly $347 million.”
The amounts being deposited have brought Oklahoma to the verge of reaching prerecession levels in the Rainy Day fund. The Rainy Day fund has been eaten away the past two years to deal with revenue shortfalls. In January, 2011, the fund had $2.03, reports NewsOK.
If June sales tax collections continue to be positive, the state may surpass the nearly $600 million Rainy Day Fund record set at the beginning of fiscal year 2009.