Oklahoma Revenue Down 3.8% Amid Coronavirus Pandemic
OKLAHOMA CITY (AP) — Oklahoma revenue collections for the calendar year 2020 declined by 3.8% as the coronavirus pandemic swept the state, state Treasurer Randy McDaniel said Friday.
The state collected nearly $13.2 billion in taxes and fees for the year, $520.9 million less than the previous year.
“The state’s economy declined in 2020,” McDaniel said in a statement. “Hopefully, we will see improvement in the months ahead as the (coronavirus) vaccine becomes widely available.”
December collections of $1.16 billion were 0.4% below December 2019, an improvement from the 2% decline in year-to-year numbers reported in November, the treasurer reported.
Tax collections on hard-hit oil and gas production for the year fell the most, down $396.3 million, or 38.6%, to a total of $630.1 million.
The state health department reported 320,586 total virus cases and 2,703 deaths Friday, including a one-day record increase of 5,232 cases and 31 more deaths.
The seven-day rolling average of new cases in Oklahoma has risen from 3,478.43 per day on Dec. 24 to 3,488.29, according to data from Johns Hopkins University. The data ranks Oklahoma seventh in the nation in new cases per capita with 1,072.7 per 100,000, down from 1,096.5 per 100,000 and the fourth-highest rate in the nation reported Monday.