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OKLAHOMA CITY – Gross Receipts to the Treasury for the past 12 months surpassed last month’s record high of $17 billion by more than $200 million, State Treasurer Randy McDaniel announced today.

Twelve-month gross receipts through October are $17.24 billion, up by $2.5 billion, or 17.3 percent, from the prior 12 months. Furthermore, this aggregate is more than $4 billion higher than the slowdown in June 2020 of $13 billion.

“Gross Receipts to the Treasury continue to rise,” said Treasurer McDaniel. “While inflationary pressures are offsetting the purchasing power of much of the growth, the trend lines from key revenue sources remain favorable.”

Major revenue streams for the past 12 months have increased by rates ranging from 92 percent for oil and gas gross production collections to 2.6 percent for motor vehicle receipts. The largest components are taxes on income and sales. They show double-digit growth with income tax collections up 17.2 percent and the combined sales and use taxes up 11.4 percent.

Compared to last October, the economic results for the month are also robust. Total October collections of $1.48 billion are up by $204.6 million, or 16.1 percent, from October 2021. The highest percentage of growth is seen in oil and gas gross production receipts, up by 87 percent from the prior year. Sales and use tax collections continue to keep up with inflation, growing 8.5 percent compared to the same month of last year.

Other indicators

As measured by the Consumer Price Index, the U.S. Bureau of Labor Statistics (BLS) reports the annual inflation rate at 8.2 percent in September. The energy component of the index is up 19.7 percent over the year. The food index rose by 11.2 percent.

The Oklahoma unemployment rate in September was reported as 3.2 percent by the BLS. That is up from 3.1 percent in August. The U.S. jobless rate was listed as 3.5 percent in September, down by two-tenths of a percentage point from August.

The monthly Oklahoma Business Conditions Index contracted in October. The index for the month was set at 51.3, down from 55.6 in September. The outlook indicates slow growth during the next three to six months.

October collections

October 2022 collections compared to gross receipts from October 2021 show:

• Total monthly gross collections are $1.48 billion, up by $204.6 million, or 16.1 percent. 

• Gross income tax collections, a combination of individual and corporate income taxes, generated $494.5 million, up by $80.4 million, or 19.4 percent. 

  • Individual income tax collections are $450.5 million, an increase of $70.1 million, or 18.4 percent.
  • Corporate collections are $44 million, up by $10.3 million, or 30.7 percent.

• Combined sales and use tax collections, including remittances on behalf of cities and counties, total $573.9 million – up by $44.8 million – or 8.5 percent. 

  • Sales tax collections total $489.1 million, an increase of $36.9 million, or 8.2 percent.
  • Use tax receipts, collected on out-of-state purchases including internet sales, generated $84.9 million, an increase of $7.9 million, or 10.3 percent.  

• Gross production taxes on oil and natural gas total $197.7 million, an increase of $91.9 million, or 86.9 percent.

• Motor vehicle taxes produced $66.8 million, down by $1.3 million, or 1.9 percent. 

• Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $144.6 million – down by $11.3 million, or 7.3 percent.

  • The medical marijuana tax produced $4.3 million, down by $672,321, or 13.4 percent from October 2021.

Twelve-month collections

Combined gross receipts for the past 12 months compared to the prior period show:

• Gross revenue totals $17.24 billion. That is $2.54 billion, or 17.3 percent, above collections from the previous 12 months.
• Gross income taxes generated $6 billion, an increase of $882.1 million, or 17.2 percent. 
  • Individual income tax collections total $4.97 billion, up by $657.5 million, or 15.3 percent.
  • Corporate collections are $1.04 billion, an increase of $224.6 million, or 27.7 percent. 
• Combined sales and use taxes generated $6.79 billion, an increase of $693.7 million, or 11.4 percent.
  • Gross sales tax receipts total $5.75 billion, up by $566.2 million, or 10.9 percent.
  • Use tax collections generated $1.03 billion, an increase of $127.5 million, or 14.1 percent. 
• Oil and gas gross production tax collections generated $1.91 billion, up by $913.7 million, or 91.9 percent. 
• Motor vehicle collections total $874.6 million, an increase of $22.4 million, or 2.6 percent. 
• Other sources generated $1.67 billion, up by $27.5 million, or 1.7 percent.
  • Medical marijuana taxes generated $55.9 million, down by $10.4 million, or 15.7 percent.

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 apportioned to other state funds, remitted to cities and counties, and paid in rebates and refunds.

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For more information contact:
Chris Biggs at the Oklahoma State Treasurer’s Office
(405) 522-4205

OKLAHOMA CITY — General Revenue Fund collections in June were $908.1 million and came in at $313.1 million, or 52.6%, above the monthly estimate. This amount is $43.8 million, or 5.1%, above collections in June of 2021. Total collections for the 2022 fiscal year were $8.5 billion, which is $1.9 billion, or 28.3%, above the 2022 fiscal year estimate, and $1.5 billion, or 21.6%, above prior year collections.

“We're excited to see fiscal year 2022 revenue collections and the deposit to the Constitutional Reserve Fund (Rainy Day Fund) both set new state records,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. “This momentum ensures the state is on a firm foundation moving into fiscal year 2023 and emphasizes Oklahoma's continued economic expansion."

Revenue tables are available on the OMES website.

FY 2022 General Revenue surplus was $1.9 billion. In addition to the revenue surplus, $577.1 million was realized as cash from the unspent FY 2022 budget and required budgetary cushion and $217.2 million was transferred to the Cash Flow Reserve Fund to allow for even monthly allocations for the FY 2023 budget. A constitutionally required transfer to the Rainy Day Fund of $575.7 million brings the Rainy Day Fund’s total to a record $1.1 billion, meeting the constitutional limit of 15% of the prior year’s total general revenue collections. The end-of-fiscal year cash for the FY 2022 General Revenue Fund closed with $1.7 billion. A $698 million appropriation effective Sept. 15, 2022, will finance the newly created LEAD fund, leaving $963.8 million in cash available in the FY 2022 General Revenue Fund.

As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the state treasurer, are all revenues remitted to the Oklahoma Tax Commission.

Media Contact

**Caden Cleveland **| caden.cleveland@omes.ok.gov

Last Modified on Aug 03, 2022

Charts and graphs

OKLAHOMA CITY – Gross Receipts to the Treasury in April surged to a record high driven by income tax payments, but other indicators point to a cautionary outlook, State Treasurer Randy McDaniel announced today.

April gross receipts of $2.04 billion, an all-time high, are up 37 percent from a year ago and mark the first time collections for any month have topped $2 billion. The previous record was $1.58 billion set in April 2019. For the month, combined individual and corporate income tax payments totaled $1.1 billion. April income tax receipts are typically higher than other months due to the annual filing deadline.

Twelve-month receipts of $16.42 billion, also a new record, are up by more than 20 percent compared to the prior period. For the first time, corporate income tax payments contributed over $1 billion to the bottom line during the 12 months.

“Record performance numbers point to the strength of the state economy,” Treasurer McDaniel said. “Even so, there are signs that would urge some caution going forward. Sales and use tax receipts are up by less than the rate of inflation, and gross production and motor vehicle revenues are lower than collections of last April.”

The annual inflation rate hit 8.5 percent in March, up four-tenths of a percentage point from February. It is the highest rate since December of 1981. Gasoline prices are up 48 percent, while the cost of food rose at an annual rate of 10 percent.

Sales and use tax revenue of $584.6 million rose by $16.6 million, or 2.9 percent, in April. Motor vehicle receipts of $72 million shrank by $6.4 million in April, down by 8.2 percent from the prior year. Gross production collections in April generated $132.1 million and are down by 1.2 percent from a year ago.

Twelve-month collections are up by $2.86 billion, or 21.1 percent, compared to the previous 12 months with all four major revenue streams showing expansion ranging from 111.3 percent in gross production to 9.5 percent in motor vehicle taxes.

Other indicators

The Oklahoma unemployment rate in March was reported as 2.7 percent by the U.S. Bureau of Labor Statistics. That is up one-tenth of a percentage point from February. The U.S. jobless rate was listed as 3.6 percent in March, down from 3.8 percent in February.

The monthly Oklahoma Business Conditions Index dropped in April. The index for the month was set at 65.8, up from 69.7 in March. The outlook remains positive as numbers above 50 indicate expected expansion during the next three to six months.

April collections

April 2022 collections compared to gross receipts from April 2021 show:

• Total monthly gross collections are $2.04 billion, up $552 million, or 37 percent. 
• Gross income tax collections, a combination of individual and corporate income taxes, generated $1.1 billion, up by $544.2 million, or 98.3 percent. 
  • Individual income tax collections are $841.7 million, an increase of $427.6 million, or 103.3 percent.
  • Corporate collections are $255.9 million, up by $116.6 million, or 83.7 percent.
• Combined sales and use tax collections, including remittances on behalf of cities and counties, total $584.6 million – up by $16.6 million, or 2.9 percent. 
  • Sales tax collections total $493 million, an increase of $11.6 million, or 2.4 percent
  • Use tax receipts, collected on out-of-state purchases including internet sales, generated $91.6 million, an increase of $4.9 million, or 5.7 percent.  
• Gross production taxes on oil and natural gas total $132.1 million, a decrease of $1.6 million, or 1.2 percent.
• Motor vehicle taxes produced $72 million, down by $6.4 million, or 8.2 percent. 
• Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $157.7 million – down by $731,123, or 0.5 percent.
  • The medical marijuana tax produced $4.7 million, down by $1.6 million, or 24.9 percent from April 2021.

Twelve-month collections

Combined gross receipts for the past 12 months compared to the previous period show:

• Gross revenue totals $16.42 billion. That is $2.86 billion, or 21.1 percent, above collections from the previous period.
• Gross income taxes generated $5.99 billion, an increase of $1.08 billion, or 22.1 percent. 
  • Individual income tax collections total $4.95 billion, up by $781.5 million, or 18.7 percent.
  • Corporate collections are $1.04 billion, an increase of $301 million, or 40.9 percent. 
• Combined sales and use taxes generated $6.51 billion, an increase of $852.9 million, or 15.1 percent. 
  • Gross sales tax receipts total $5.54 billion, up by $721 million, or 15 percent.
  • Use tax collections generated $972.1 million, an increase of $131.9 million, or 15.7 percent. 
• Oil and gas gross production tax collections generated $1.36 billion, up by $718.3 million, or 111.3 percent. 
• Motor vehicle collections total $878.1 million, an increase of $76.2 million, or 9.5 percent. 
• Other sources generated $1.68 billion, up by $129.7 million, or 8.4 percent.
  • Medical marijuana taxes generated $62.6 million, down by $2.2 million, or 3.4 percent.

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 apportioned to other state funds, remitted to cities and counties, and paid in rebates and refunds.

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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 205-4929