OKLAHOMA CITY — State finance officials say increased income tax collections are providing a boost to Oklahoma's General Revenue Fund that is used to fund state government.
Secretary of Finance Preston Doerflinger (DOR'-fling-ur) reported Tuesday that total collections to the fund through 11 months of the current fiscal year total $5 billion. That's an increase of $65 million, or 1.3 percent, over total collections during the same period last year. The collections also exceed the official estimate by $35 million, or nearly 1 percent.
Doerflinger reports individual income taxes contributed $176 million to the fund in May, a 4.3 percent increase over May 2012. Corporate income taxes of $5.2 million in May were up more than 20 percent over the same month last year, while sales tax collections were up by 3 percent.