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Caution urged despite record-setting revenue in Oklahoma

Money
Pixabay

OKLAHOMA CITY (AP) — Oklahoma State Treasurer Randy McDaniel is urging caution despite a record month for revenue collections in the state. McDaniel on Wednesday reported collections totaled $2.04 billion, topping the previous one-month record of $1.58 billion in April 2019. Individual and corporate income taxes led the increase, bringing $1.1 billion, which is up 103.3% from April last year. McDaniel, however, noted that sales and use taxes rose by less than the 8.5% inflation rate in March and that gross production on oil and natural gas and motor vehicle revenues declined from April 2021.