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Wednesday, July 7, 2021
OKLAHOMA CITY – Oklahoma’s expanding economy pushed Gross Receipts to the Treasury into record high territory for both 12-month revenue and June collections, State Treasurer Randy McDaniel announced today.
Receipts of $14.32 billion during fiscal year 2021, which ended June 30, are the highest on record during any 12-month period in Oklahoma history. Collections of $1.54 billion from the past month are the highest for any June.
“Positive economic news of this magnitude is reassuring,” State Treasurer Randy McDaniel said. “The economic picture in Oklahoma is still developing, but it’s clearly much improved from where we were a year ago during the depths of the pandemic.”
The substantial increase in gross receipts can be attributed to growth in economic activity along with some non-economic factors, including more than $10 billion in direct federal payments to Oklahomans in response to the pandemic and the timing of income tax payment deadlines.
Last year’s income tax deadline was delayed from April to July, so it’s included in the current 12-month report along with payments due this year. In addition, June receipts are boosted by the change in this year’s income tax payment deadline from April to June. Total income tax collections are up by more than 21 percent for the fiscal year and 73 percent for the month.
McDaniel said oil and gas gross production tax collections show the biggest percentage increase of all major revenue sources for the month. Gross production receipts of $79.7 million are up by more than 300 percent from June of last year when payments were at a record low due to depressed oil prices.
Other indicators
The Oklahoma Business Conditions Index expanded its growth in June. The monthly index was set at 73.6, up from 68.9 in May. Numbers above 50 indicate economic expansion is expected during the next three to six months.
The May unemployment rate in Oklahoma was reported as 4.0 percent by the U.S. Bureau of Labor Statistics. The state’s jobless rate was down from 4.1 percent in April and from 9.5 percent in May 2020. The U.S. unemployment rate was set at 5.8 percent in May.
June collections
Compared to gross receipts from June 2020, collections in June 2021 show:
Twelve-month collections
Combined gross receipts for past 12 months compared to the trailing 12 months show:
About Gross Receipts to the Treasury
The monthly Gross Receipts to the Treasury report, developed by the state treasurer’s office, provides a timely and broad view of the state’s economy.
It is released in conjunction with the General Revenue Fund report from the Office of Management and Enterprise Services, which provides information to state agencies for budgetary planning purposes.
The General Revenue Fund, the state’s main operating account, receives less than half of the state’s gross receipts with the remainder paid in rebates and refunds, remitted to cities and counties, and apportioned to other state funds.
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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 205-4929