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News & Press Releases

February 14, 2024

Press Release
Governor Stitt, Treasurer Todd Russ Celebrate Announcement of Improved Credit Outlook

Wednesday, February 14, 2024

Today, Governor Kevin Stitt and Treasurer Todd Russ celebrated Oklahoma's strong financial standing after Fitch Ratings released their revised Rating Outlook, moving Oklahoma’s rating from 'Stable' to 'Positive.' Fitch Ratings becomes the third rating agency to improve Oklahoma's outlook within the last year, following Moody's and S&P.

**"I'm proud of Oklahoma's conservative fiscal policies, and I commend Treasurer Russ for his commitment to keeping Oklahoma on sure footing,” **said Gov. Stitt. “We know that Oklahoma is the best place to build a business and raise a family, and having a solid economic track record shows the world that we are in a strong position to face any financial challenge.”

Fitch's updated rating highlights several positive financial trends for the state to adjust spending when necessary, such as quick action to address revenue shortfalls and budgets at ninety-five percent of projected operating revenues, a long pattern of supplemental pension contributions and restoration of service levels. Fitch applauded Oklahoma’s strong fiscal reserves and our broad economy. They also affirmed the following ratings of the state: 

  • $1.4 billion of lease revenue bonds issued by the Oklahoma Capital Improvements Authority at 'AA-'
  • $86.6 million of Transportation Infrastructure Finance and Innovation Act (TIFIA0 loan obligations issued by the Oklahoma Capital Improvement Authority at 'AA-'
  • $400 million of lease revenue bonds issued by the Oklahoma Development Finance Authority at 'AA-'

"We appreciate acknowledgment from the well-known bond rating agency, Fitch Ratings, noting the state’s sustained improvements in expenditure flexibility and overall fiscal management,” said Treasurer Russ. “With particular emphasis on conservative budgeting practices through economic cycles of revenue volatility, I’m proud to join the Governor, Speaker and Pro Tempore to advocate for Oklahoma taxpayers."

In a statement, Fitch Ratings said, in part: "Fitch's revision of the Outlook on Oklahoma's 'AA' long-term IDR to Positive from Stable reflects the state's sustained improvements in expenditure flexibility and overall fiscal management, particularly its adherence to conservative budgeting practices through economic cycles including the recent period of revenue volatility caused by the coronavirus pandemic. The state has consistently taken timely action to address revenue shortfalls and budgets only 95% of projected operating revenues. A long pattern of supplemental pension contributions and restoration of service levels enhances the state's ability to adjust spending when necessary."

The full report from Fitch Ratings can be found here.

Last Modified on Feb 14, 2024

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October 27, 2023

Press Release
Positive Credit Outlook for Oklahoma

Governor Kevin Stitt and Treasurer Todd Russ today celebrated Oklahoma's strong financial standing after Moody's Investors Service revised the state's credit outlook from stable to positive.

Clink link for full story

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October 2, 2023

News
More than $9 billion in improvements planned for Oklahoma highways

More than $9 billion in upgrades are planned in the latest updates of both the Oklahoma Department of Transportation’s Eight-Year Construction Work Plan and Four-Year Asset Preservation Program.

Approved Monday by the Oklahoma Transportation Commission, the Federal Fiscal Year 2024-2031 Eight-Year Construction Work Plan contains $8.8 billion worth of critically needed transportation improvement projects designed to improve the safety and reliability of Oklahoma’s highway network. The companion 2024-2027 Asset Preservation Plan includes a nearly $500 million investment in preventative maintenance to extend the life of the state’s highway infrastructure.

The two plans together will address the 15 remaining structurally deficient highway bridges in the state that were not already under contract for rehabilitation or replacement. Another 395 bridges at risk of becoming structurally deficient are also included. The Construction Work Plan also includes 1,100 miles of improvements to 2-lane highways with deficient shoulders.

“Through the dedicated focus of the Eight-Year Plan, the department has been able to address critical highway infrastructure needs, especially on our bridges,” said Secretary of Transportation and ODOT Executive Director Tim Gatz. “We’re adjusting that focus in recent years to improve more of those rural two-lane highways that need shoulders. This is will have a tremendous impact on safety in rural areas. Maintaining safe and effective routes on Oklahoma’s highway system is a critical part of the state’s economy that keeps us connected to the nation and the world.”

Investments in Oklahoma’s transportation system have made significant impacts to the quality and level of service of the state’s highway infrastructure since the first Eight-Year Plan was approved in 2003. At that time, Oklahoma had 1,168 structurally deficient bridges on the highway system, making the state among the worst nationally for bridge conditions. Oklahoma was ranked No. 5 in 2022 thanks to strategic planning with the Construction Work Plan and continued commitments from legislators, governors and ODOT officials in the past two decades.

FFY 2024-2031 Eight-Year Construction Work Plan

  • $8.8 billion in total investment
  • 1,738 total projects
  • Addresses 643 bridges through rehabilitation or replacement
  • Nearly 3,800 miles of roadway improvements, which includes more than 1,100 miles of safety improvements on two-lane highways with deficient or no shoulders.

FY2024-2027 Asset Preservation Plan

  • $497 million in total investment
  • 290 total projects
  • Rehabilitation of 146 highway bridges
  • More than 1,800 miles of pavement resurfacing

Notable projects added or advanced in the Eight-Year Construction Work Plan include:

  • In the Oklahoma City metro area, improvements to the I-35/I-240 and I-35/I-44 interchanges as well as resurfacing I-35 between the Oklahoma River and S.E. 89th
  • In the Tulsa metro area, improvements to the I-44 and US-75 interchange.
  • In Eastern Oklahoma, resurfacing of US-69 between Checotah and Eufaula in McIntosh County.
  • In Southeastern Oklahoma, adding shoulders along SH-37 west of Idabel and improvements on US-259 in Hochatown in McCurtain County moved forward to 2024.
  • In Southeast Central Oklahoma, bridge rehabilitations over I-44 at SH-37 East and S.W. 119th in Cleveland County and at SH-145 over I-35 in Garvin County.
  • In South Central Oklahoma, planning for improvements along I-35 between Marietta in Love County and Springer in Carter County, as well as an I-35 bridge reconstruction at Thackerville in Love County.
  • In Western Oklahoma, widening US-270 near SH-58 west of Watonga in Blaine County, and pavement reconstruction on I-40 west of US-281 in Caddo County.
  • In Northwest Oklahoma, adding shoulders to SH-45 in Alfalfa County and resurfacing part of US-281 in Alva in Woods County.

Federal grants helped offset increased estimates due to inflation and rising materials costs on some projects in the latest plan updates. These included including an $85 million Mega grant for the I-44 and US-75 interchange in Tulsa and a $45 million TIFIA loan for 29 miles of improvements to rural two-lane highways with deficient shoulders. In total, the Eight-Year Plan includes 1,738 individual projects and the Asset Preservation Plan includes another 290 projects. The Oklahoma state legislature also committed $200 million in a one-time allocation to the Rural Economic Transportation Reliability and Optimization Fund. Per RETRO Fund provisions, these resources will help accelerate construction, repair and maintenance of Eight-Year Construction Work Plan projects in qualifying rural areas that have experienced robust economic development causing an impactful increase to traffic volumes and safety concerns.

“The legislature must be commended for supporting the needs of Oklahoma’s transportation network with the $200 million allocation of RETRO Funds,” Gatz said. “The RETRO funding that has been provided this year has been an absolute difference-maker and where at one-time we had envisioned it would help us advance some projects, and we did advance some, but it kept some very critical projects on the path to construction in an inflationary environment that was challenging for us to manage.”

An interactive map showing all projects on both plans can be found on the ODOT homepage at www.odot.org, under “Programs and Projects” then “ODOT Construction Work Plan.” This tool allows users to easily locate projects and related information.

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August 15, 2023

News
Restricted Financial Company List-Revised

Oklahoma State Treasurer Todd Russ released an updated list of the institutions that remain on the restricted financial company list, following further analysis of their environmental, social and governance (ESG) policies.

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July 25, 2023

News
Treasurer Russ Announces Credit Rating Agency's Upgraded Outlook for Oklahoma

OKLAHOMA CITV-S&P Global Ratings has issued a revised outlook for the State of Oklahoma, elevating its status
from stable to positive, and affirmed the state's 'AA' long-term issuer credit rating, State Treasurer Todd Russ
announced today.

The upgraded outlook from stable to positive applies to the appropriation-backed outstanding debt of the 
Oklahoma Development Finance Authority (ODFA) and the Oklahoma Capitol Improvement Authority (OCIA),
including ODFA's $3.88 million master real property lease revenue bonds from series 2023A. These particular
bonds are issued by the Legislature on behalf of the Oklahoma State System for Higher Education, with sale
proceeds being used to finance capital enhancement and construction at state colleges and universities.

According to S&P, "The outlook reflects our expectation that Oklahoma will continue its practice of tight 
expenditure management, and its accumulation of large reserve balances should provide the state with a
substantial financial buffer to navigate potential near-term cyclical pressures."

Treasurer Russ welcomed the news from S&P as an endorsement of the state's fiscally conservative practices. 
"The recognition of Oklahoma's improved financial condition is well-earned and can be attributed to state leaders'
commitment to keeping debt levels low, decreasing pension system liabilities and providing reserves for the Rainy
Day Fund," said Russ. "A better credit status should translate into reduced costs for public infrastructure projects."

The report from S&P comes on the heels of the credit rating agency's invitation by the Treasurer to visit Oklahoma 
in the spring, where the Governor, state officials and business leaders showcased the state's extensive presence in
the aerospace and defense industries through tours at Will Rogers World Airport, Boeing and Tinker Air Force
Base. In its justification for the state's updated outlook, S&P pointed out that "Oklahoma has made significant
efforts to diversify its economy, which, over the long-term, could bolster its employment and overall economic
metrics during downturns."

Carrying on with its positive outlook on the state, S&P suggested a future raise in Oklahoma's credit rating "should 
the state continue to attract development that grows its economy, while also demonstrating a firm commitment
to structurally balanced financial performance and sustaining reserves and liquidity."

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May 3, 2023

Press Release
State Treasurer’s Office Announces List of Financial Institutions’ Boycotting OK Energy Industry

Oklahoma State Treasurer press release on restricted financial companies

Read Press Release

April 17, 2023

News
March Gross Receipts Report

Oklahoma Economic Report Newsletter

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March 15, 2023

News
February Gross Receipts Report

Oklahoma Economic Report Newsletter

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February 16, 2023

News
January Gross Receipts Report

Oklahoma Economic Report Newsletter

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November 3, 2022

News
Collections Climb to New Heights

Charts and graphs

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.

# # # 

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

Read Article

August 3, 2022

News
Historic finish for FY 2022 General Revenue Fund

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

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May 3, 2022

News
April Collections Shatter Record High

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.

# # # 

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

Read Article

April 13, 2022

News
Economic Growth Accelerates in March

Charts and graphs

OKLAHOMA CITY – March Gross Receipts to the Treasury point to accelerating economic expansion in Oklahoma, pushed along by wage growth and rising inflation, State Treasurer Randy McDaniel announced today.

March gross receipts of $1.38 billion are up by almost 23 percent compared to the same month of last year. That is a record high for March collections. Twelve-month receipts of $15.87 billion, also a record high, are up by more than 20 percent compared to the prior period.

“The level of growth we’ve seen recently shows the state economy is hitting on all cylinders, even when accounting for inflationary pressure,” Treasurer McDaniel said. “With unemployment at a record low, more Oklahomans are finding work, which is helping deliver exceptional economic results.”

The annual inflation rate hit 7.9 percent in February, up four-tenths of a percentage point from January. It is the highest rate since January of 1982. Combined energy prices are up 25.6 percent, while the cost of food for home consumption rose at an annual rate of 8.6 percent.

Gross production collections in March set a record monthly high, generating $165.3 million, up by 82 percent from March 2021. Remittances for the month are from January production when West Texas Intermediate crude oil averaged $83.22 per barrel and Henry Hub natural gas sold for $4.38 per million BTU. Meanwhile, oil and gas drilling and oilfield employment remain well below record highs set in the past decade.

March gross receipts grew by double digits for individual and corporate income tax, and sales and use tax, and gross production collections. Motor vehicle receipts were up by 3.6 percent.

Twelve-month collections rose by $2.72 billion, or 20.7 percent, compared to the previous 12 months with all four major revenue streams showing expansion ranging from 138.6 percent in gross production to 13.9 percent in motor vehicle taxes.

Other indicators

The Oklahoma unemployment rate in February was reported as 2.6 percent by the U.S. Bureau of Labor Statistics. That is down one-tenth of a percentage point from January. The U.S. jobless rate was listed as 3.8 percent in February, down from 4 percent in January.

The monthly Oklahoma Business Conditions Index rose slightly in March. The index for the month was set at 69.7, up from 68.1 in February. The outlook remains positive as numbers above 50 indicate expected expansion during the next three to six months.

March collections

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

  • Total monthly gross collections are $1.38 billion, up $257.6 million, or 22.9 percent. 
  • Gross income tax collections, a combination of individual and corporate income taxes, generated $490.1 million, up by $78.1 million, or 19 percent. 
    • Individual income tax collections are $420.1 million, an increase of $54.5 million, or 14.9 percent.
    • Corporate collections are $70 million, up by $23.6 million, or 50.9 percent.
  • Combined sales and use tax collections, including remittances on behalf of cities and counties, total $526.2 million – up by $103.2 million, or 24.4 percent. 
    • Sales tax collections total $450.5 million, an increase of $86.9 million, or 23.9 percent.
    • Use tax receipts, collected on out-of-state purchases including internet sales, generated $75.6 million, an increase of $16.3 million, or 27.4 percent.  
  • Gross production taxes on oil and natural gas total $165.3 million, an increase of $74.5 million, or 82 percent.
  • Motor vehicle taxes produced $82.5 million, up by $2.8 million, or 3.6 percent. 
  • Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $119.1 million – down by $1.1 million, or 0.9 percent.
    • The medical marijuana tax produced $5.2 million, down by $756,564, or 13.8 percent from March 2021.

Twelve-month collections

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

  • Gross revenue totals $15.87 billion. That is $2.72 billion, or 20.7 percent, above collections from the previous period.
  • Gross income taxes generated $5.44 billion, an increase of $685.9 million, or 14.4 percent. 
    • Individual income tax collections total $4.52 billion, up by $399.7 million, or 9.7 percent.
    • Corporate collections are $920.9 million, an increase of $286.2 million, or 45.1 percent. 
  • Combined sales and use taxes generated $6.49 billion, an increase of $974 million, or 17.7 percent. 
    • Gross sales tax receipts total $5.53 billion, up by $822.5 million, or 17.5 percent.
    • Use tax collections generated $967.2 million, an increase of $151.5 million, or 18.6 percent. 
  • Oil and gas gross production tax collections generated $1.37 billion, up by $793 million, or 138.6 percent. 
  • Motor vehicle collections total $884.5 million, an increase of $108.1 million, or 13.9 percent. 
  • Other sources generated $1.68 billion, up by $160 million, or 10.5 percent.
    • Medical marijuana taxes generated $64.1 million, up by $1.3 million, or 2 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.

# # #

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

Read Article

February 10, 2022

News
New Year Sees Gross Receipts Swell

Charts and graphs

OKLAHOMA CITY – Gross Receipts to the Treasury show Oklahoma’s economy is doing very well at the start of the new year, State Treasurer Randy McDaniel announced today.

January gross receipts of $1.5 billion are up by more than 27 percent compared to the same month of last year. Twelve-month receipts of $15.5 billion measure growth of more than 18 percent compared to the prior period.

Treasurer McDaniel said analysis shows the reasons behind the numbers include more than organic state economic expansion.

“A growing economy is always central to record-breaking receipts, but federal funds and inflation are helping push the numbers higher,” McDaniel said. “All of these factors should be considered this session as proposals impacting future state revenue and spending are discussed.”

Federal direct payments to taxpayers, along with aid to businesses during the pandemic, significantly boosted economic activity in Oklahoma. Inflation during the past year pushed prices up an average of 7 percent – the highest rate since 1982.

The gross receipts report for January shows substantial growth in all major revenue streams. Gross production collections jumped by 149.5 percent, combined individual and corporate receipts rose by 28 percent, and sales taxes were up 18.8 percent. Motor vehicle collections increased by 6.7 percent.

Of note are use tax collections for the month. Paid on out-of-state purchases including internet sales, January use tax receipts topped $100 million for the first time in state history and jumped by 13.9 percent. Use tax collections have risen steadily since the U.S. Supreme Court’s Wayfair decision in June 2018 that paved the way for easier collection of taxes on internet sales.

Twelve-month collections rose by $2.38 billion, or 18.1 percent, compared to the previous 12 months with all four major revenue streams showing expansion ranging from 108.1 percent in gross production receipts to 12.7 percent in motor vehicle taxes.

Other indicators

The Oklahoma Business Conditions Index for January anticipates continued economic growth in the new year. The January index was set at 59.6, down from 70.3 in December and 62.4 in November. However, numbers above 50 indicate expected expansion during the next three to six months.

The Oklahoma unemployment rate in December was reported as 2.3 percent by the U.S. Bureau of Labor Statistics. The state’s jobless rate was down from 2.5 percent in November and from 4.5 percent in December 2020. The U.S. unemployment rate was set at 3.9 percent in December.

January collections

Compared to gross receipts from January 2021, collections in January 2022 show:

  • Total monthly gross collections are $1.51 billion, up $321.5 million, or 27.1 percent. 
  • Gross income tax collections, a combination of individual and corporate income taxes, generated $553.5 million, up by $121.1 million, or 28 percent. 
    • Individual income tax collections are $446.4 million, an increase of $64.8 million, or 17 percent.
    • Corporate collections are $107.1 million, up by $56.3 million, or 110.6 percent.
  • Combined sales and use tax collections, including remittances on behalf of cities and counties, total $597.1 million – up by $90.8 million, or 17.9 percent. 
    • Sales tax collections total $493.2 million, an increase of $78.1 million, or 18.8 percent.
    • Use tax receipts, collected on out-of-state purchases including internet sales, generated $103.9 million, an increase of $12.7 million, or 13.9 percent.  
  • Gross production taxes on oil and natural gas total $143.5 million, an increase of $86 million, or 149.5 percent.
  • Motor vehicle taxes produced $68.8 million, up by $4.3 million, or 6.7 percent. 
  • Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $145.5 million – up by $19.3 million, or 15.3 percent.
    • The medical marijuana tax produced $4.9 million, down by $301,019, or 5.8 percent from January 2021.

Twelve-month collections

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

  • Gross revenue totals $15.5 billion. That is $2.38 billion, or 18.1 percent, above collections from the previous period.
  • Gross income taxes generated $5.34 billion, an increase of $609.2 million, or 12.9 percent. 
    • Individual income tax collections total $4.45 billion, up by $372.1 million, or 9.1 percent.
    • Corporate collections are $887.1 million, an increase of $237.1 million, or 36.5 percent. 
  • ·Combined sales and use taxes generated $6.36 billion, an increase of $882.5 million, or 16.1 percent. 
    • Gross sales tax receipts total $5.42 billion, up by $736.2 million, or 15.7 percent.
    • Use tax collections generated $944.6 million, an increase of $146.2 million, or 18.3 percent. 
  • Oil and gas gross production tax collections generated $1.25 billion, up by $647.7 million, or 108.1 percent. 
  • Motor vehicle collections total $872.7 million, an increase of $98.5 million, or 12.7 percent. 
  • Other sources generated $1.68 billion, up by $141.5 million, or 9.2 percent.
    • Medical marijuana taxes generated $65.9 million, up by $7.7 million, or 13.2 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

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April 15, 2021

News
S&P restores Oklahoma's stable outlook

“State leaders have exercised fiscal discipline during the pandemic,” Treasurer Randy McDaniel said. “This announcement from a widely respected independent source is welcome news.”

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April 14, 2021

Press Release
Oklahoma Credit Outlook Improves

For Immediate Release: April 14, 2021

Oklahoma Credit Outlook Improves
OKLAHOMA CITY – Saying Oklahoma state government has done well managing its finances during the pandemic, Standard & Poor’s Global Ratings has revised the state’s outlook from negative to stable, State Treasurer Randy McDaniel announced today. 
S&P had placed the state on negative outlook at the start of the COVID-19 pandemic last year. With the revision announcement, the state’s current credit rating of AA was affirmed. 
Treasurer McDaniel said the outlook change is encouraging and should help the state reduce interest costs on future bond issues. 
“State leaders have exercised fiscal discipline during the pandemic,” McDaniel said. “This announcement from a widely respected independent source is welcome news.”
The S&P outlook change also anticipates responsible decision-making will continue.
The report states the revision is based, in part, on “the expectation that Oklahoma’s legislative and executive branches will reach consensus on actions to restore and maintain structural balance in future budgets and sustain a commitment to rebuilding reserves.”
The state’s primary reserve funds are the Constitutional Reserve Fund and the Revenue Stabilization Fund. They currently contain approximately $230 million, which is about 3 percent of general revenue appropriations. The combined balance topped $1 billion prior to the pandemic.
Other factors cited by S&P for its more favorable outlook include the state’s relatively low debt burden and its decade-long history of sufficient pension funding.
# # # 
For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 205-4929

Read Press Release

November 30, 2020

Press Release
Oklahoma Capital Improvement Authority Announces Details of Its Upcoming Bond Sale

Oklahoma City—The Oklahoma Capital Improvement Authority (OCIA) announced today it is offering $13.24 million of State Agency Facilities Revenue Bonds TaxExempt Series 2020D (Oklahoma Department of Human Services Project) and $48.955 million of State Agency Facilities Revenue Bonds Federally Taxable Series 2020E (Oklahoma Tourism and Recreation Department Project) on December 3, 2020.

The bonds will be offered via negotiated sale through the OCIA’s underwriting syndicate, led by co-senior managers Morgan Stanley and Bank of Oklahoma, with Raymond James as co-manager on the transaction. The Municipal Advisor is Hilltop Securities.

A Preliminary Official Statement has been released and is available at www.ociabonds.com. The OCIA’s bonds are rated “AA-” by S&P and Fitch.

For more information:
Andrew Messer
Deputy State Treasurer/OCIA Director
Andrew.messer@treasurer.ok.gov
(405) 521-4504

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May 14, 2020

News
Oklahoma Legislature Reaches Fiscal Year 2021 Budget Agreement

Oklahoma House and Senate announce budget agreement.

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May 7, 2020

News
Coronavirus Strikes State Gross Receipts

April Gross Receipts to the Treasury plunged by more than half a billion dollars as the coronavirus pandemic disrupts Oklahoma’s economy, State Treasurer Randy McDaniel announced.

Gross receipts in April total $1.08 billion, a drop of $502.5 million, or 31.8 percent, from April 2019.

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May 4, 2020

News
Bond Buyer - Oklahoma Limits Budget Cuts, Preserves School Funding

Bond Buyer article summarizing the Oklahoma fiscal year 2021 Budget

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