In a report from the Office of the State Treasurer, revenue collections during September grew by more than 8 percent over receipts from the same month of the prior year, the highest monthly growth rate since April of last year. State Treasurer Ken Miller announced the revenue increases today as he released the September Gross Receipts to the Treasury report during a State Capitol news conference.
September gross receipts topped $1 billion, and are more than $80 million, or 8.2 percent, higher than collections in September of last year. Gross receipts from the last 12 months pushed further into record high territory, surpassing $11.9 billion at a growth rate of more than 5 percent.
“As a measure of economic activity, September Gross Receipts to the Treasury indicate healthy expansion in Oklahoma,” Miller said. “Any month where you see all major revenue categories in positive territory is a good one. Coupled with an expanding business conditions index and low unemployment, this month is nothing but good news.”
On the monthly measurement, all revenue streams show growth, ranging from more than 18 percent in motor vehicle taxes to almost 2 percent in corporate income collections. The 12-month picture shows growth in all categories except for corporate income, which remains down by almost 11 percent from the prior 12-month period.
The two largest revenue categories, sales tax and gross income taxes, expanded by almost 5 percent and 8 percent respectively during the month. The gross production tax on oil and natural gas is up by almost 12 percent for the month and more than 16 percent for the 12 months.
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