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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.

# # # 

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

Read Article

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.”

Read Article

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

Read Press Release

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.

Read Article

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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