Budget & Tax

Curtis Shelton | July 10, 2018

June revenue collections set record high

Curtis Shelton

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.

Total Gross Receipts Since FY 2015
Curtis Shelton Policy Research Fellow

Curtis Shelton

Policy Research Fellow

Curtis Shelton currently serves as a policy research fellow for OCPA with a focus on fiscal policy. Curtis graduated Oklahoma State University in 2016 with a Bachelors of Arts in Finance. Previously, he served as a summer intern at OCPA and spent time as a staff accountant for Sutherland Global Services.

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