“It would appear Oklahoma’s economic engine is hitting on all cylinders.” Oklahoma Treasurer Ken Miller.
Oklahoma wrapped up Fiscal Year 18 revenue collections with an optimistic result, reaching an all-time high of $12.18 billion in the past 12 months. The June collections were also a record $1.1 billion but energy collections were down for the month.
Treasurer Ken Miller said, ‘It would appear Oklahoma’s economic engine is hitting on all cylinders. In addition to the revenue picture, leading and lagging economic indicators paint a positive picture for the state’s economy.
Gross receipts for the FY-18 increased by $1.2 billion or 11.1 percent compared to FY-17. Gross receipts for June were up $87.7 million or 8.6 percent over June of 2017. The increase for June represented the 15th consecutive month of positive growth.
For the FY-18, oil and gas gross production tax collections brought in $699.9 million in the past 12 months. That’s an increase of $257.2 million or 58.1 percent from the previous year.
Motor vehicle collections totaled $768.7 million for the fiscal year, an increase of $15.1 million or 2 percent more.
June oil and gas gross collections totaled $68.1 million which was an increase of $26.4 million or 63.5 percent more than June 2017. Compared to May, the June 2018 collections were down $6 million or a decline of 8.1 percent.
Motor vehicle taxes for June 2018 produced $67.5 million, also a decline of $1.8 million or 2.7 percent from June 2017.
Treasurer Miller reported there was growth in all major revenue streams in the just-concluded fiscal year. It showed growth in individual and corporate income taxes along with sales tax and the gross production income.
Sales taxes for the past year generated $4.7 billion or an increase of $46.4 million or 11.1 percent from 2017. Corporate income tax collections were $470.8 million or an increase of $70 million.
Those tax hikes on cigarettes, fuel and gross production signed into law in late March took effect this month but won’t affect collections until August.
The June collections for sales taxes totaled $423.1 million which was $49.6 million more than a year earlier. Gross income tax collections, the combination of individual and corporate income taxes generated $389.7 million, up $18 million or 4.8 percent from June 2017.