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PrintE-mailOil gives much-needed boost to state revenues

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Published: 03/09/10 - 3:03pm Written by Dick Pryor

Cap011resizedOKLAHOMA CITY (AP) - For the first time in more than a year, state revenue collections exceeded the official estimate last month, due mostly to increases from the production tax on oil. State Treasurer Scott Meacham reported Tuesday that collections still trailed prior year figures by $17.3 million, or 7.3 percent.

Meacham reported General Revenue Fund collections for February were $220.6 million, which was less than 1 percent above the estimate. Meacham says personal income tax collections also were significantly higher than anticipated for the month and are beginning to show signs of recovery.