Legislators heard an update of General Revenue figures during Sunday’s Joint Committee on Government and Finance Subcommittee meeting.
Deputy Revenue Secretary Mark Muchow presented October number, where collections were $359.2 million, which was about $2.3 million above estimates. Muchow said this is 1.5 percent above last year’s numbers.
Muchow said year-to-date collections totaled more than $1.478 billion, which was $122 million above estimate. He said October marks a 13.5 percent growth rate the first four months into the 2019 fiscal year.
“This is a strong growth rate,” Muchow said.
Muchow said October’s numbers were attributed to a few factors including consumer sales tax and severance tax. The state was $4.2 million above estimate in consumer sales tax and 14.4 percent ahead of last year.
Personal income tax took a pause. He said personal income tax was $6.5 million below estimate but he said the figures are still strong and were 11.7 percent ahead of last year.
Muchow said severance tax was $5.4 million above estimate and 50.4 percent ahead of last year.
He said oil and gas had higher production numbers, representing a more stable pricing compared to last year. He said numbers are much closer to the national average this year as compared to last year. However, he said there is caution for severance tax because recently, oil prices have taken a dip.
