August Gross Receipts to the Treasury grew by a modest 3.2 percent over collections from the same month of last year, curtailed by a slowing of oil and gas tax receipts and a slight drop in income tax collections, State Treasurer Randy McDaniel announced today.
Monthly gross receipts were $1.03 billion, up by $31.7 million. Gross collections from the past 12 month topped $13.7 billion, and are $1.3 billion, or 10.8 percent, higher than during the prior 12 months.
“Oklahoma’s economy is still expanding,” McDaniel said. “While we continue to see economic growth, it’s not as robust as in previous months.”
The growth rate in total August gross receipts is the lowest in more than two years, and is driven by reduced collections from oil and gas production. In the past year, crude oil prices have fallen by almost 20 percent and rig counts are off by more than 40 percent.
Receipts from the gross production tax on oil and gas have dropped by more than a third since collections peaked in November 2018.
A slight decline from the prior year in income tax collections is credited to non-economic reasons. Tax officials said there were fewer reporting deadlines for remittance of withholding taxes this August compared to last.
Sales tax receipts rebounded slightly, growing by 3.1 percent compared to August 2018 after falling below prior year collections for two consecutive months.