Budget & Tax
June revenue collections set record high
July 10, 2018
The Oklahoma Treasurer’s report on June’s total gross receipts shows great news about Oklahoma’s economy. State government’s total gross receipts of $1.1 billion set a record for the month of June. That $1.1 billion brings the total gross receipts collected for the year up to $12.18 billion—a new record for 12-month collections. Most of this growth in government revenues is due to a growing economy.
This $1.1 billion was $86.64 million, or 8.6%, more than last
June’s collections. Of this increase, the Oklahoma Tax Commission reports that
$33.8 million came from new legislative changes enacted in 2017, mainly from
sales and gross production taxes.
Collections for fiscal year 2018 are a stark contrast with the
last two fiscal years. As the chart below shows, total gross receipts fell
substantially after the decline in the oil and gas industry. Fiscal year 2017
saw collections come in $967 million below what was collected in fiscal year
2015. With the rebounding of the oil and gas industry, as well as the growing
Oklahoma economy, fiscal year 2018
collections grew $1.16 billion over the past year.