If it’s March, then the monthly gross receipts to the Oklahoma Treasury in February were down again. State Treasurer Ken Miller said they were for the 10th consecutive month. The February receipts of $758.5 million are down by nearly $90 million or more than 10 percent compared to February of 2015. Miller called it the lowest February total since 20122.
“With oil prices off their 2014 peak by some 70 percent and our state’s anchor industry in the midst of correction, we have apparently not yet found the bottom and continue to see the spillover effect in all major revenue streams,” said Miller. He also indicated the 12-month gross receipts to the Treasury shrank by more than 5 percent to the previous 12-month period and at $11.4 billion is the lowest 12-month period since October 2013.
It means the monthly collections from oil and natural gas production taxes havebeen lower than the prior month for 14 straight months. The February gross production collections are more than 45 percent below last February. The collections generated $28.6 million in February which was a drop of $24.5 million or 46.1 percent from last February. Compared to January reports, the gross production collections are up $3.4 million or 13.5 percent.
Over the past year, the oil and gas production tax collections totaled $419.2 million, a drop of $439.9 million or 51.2 percent from the previous 12-month period.
Other tax collections took a hit too. Personal income tax collections were down $15.8 million or 6.2 percent for the month. Gross income tax collections, a combination of personal and corporate income taxes generated $246.7 million, a drop of $23 million or 8.5 percent from the previous February. Collections of sales taxes were down by nearly $32 million or 8.9 percent from February of 2015.
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