DALLAS -- Oklahoma recorded record revenues for the month of July of $992 million, an increase of $68 million or 7.4% over the same month last year, state Treasurer Ken Miller said.
The healthy performance of the Oklahoma economy in July pushed 12-month collections further into record territory, as has been the case for 12 of the past 13 months, Miller said.
Growth in monthly collections from personal income and corporate income taxes was especially robust, accounting for more than half of the increase in July.
July collections topped $992 million, while 12-month collections are now just shy of $11.8 billion.
"Gross Receipts to the Treasury, which provide a broad look at the state's economic performance, show year-over-year growth in all but six months during the past four and a half years," Miller said. "With apologies to Rodgers and Hammerstein, we're still doing fine, Oklahoma."
Twelve-month gross receipts hit a trough in February 2010 of $9.4 billion, Miller said. Since then, collections have grown by more than $2.4 billion, or 25%, with monthly collections higher than the same month of the prior year in 46 of the past 52 months.
All major revenue categories experienced growth in July, with total collections topping the prior year by 7.4%. Collections for the past 12 months are up by more than 4%.
Gross income tax collections and the state's tax on oil and natural gas production showed the largest gains at 13.4% and 11.1%, respectively.
The most recent unemployment numbers, from June, reflect Oklahoma's economic strength compared to the rest of the nation. June state unemployment was set at 4.5%, compared to a national rate of 6.1%, Miller said.
The Business Conditions Index for Oklahoma in July anticipates continued economic growth with the index set at 54.9 from June's 66.6. Variances from month to month are not uncommon, according to state officials. Numbers above 50 indicate economic expansion is anticipated.
Gross income tax collections, a combination of personal and corporate income taxes, generated $307.04 million, an increase of $36.3 million or 13.4% from the previous July.
Personal income tax collections for the month are $290.41 million, up $32.41 million or 12.6% from the prior year, Miller said. Corporate collections are $16.62 million, up by $3.89 million or 30.6%.
Sales tax collections, including remittances on behalf of cities and counties, total $377.9 million in July. That is $8.68 million or 2.4% higher than July 2013.
Oklahoma carries general obligation bond ratings of AA-plus from Standard & Poor's and Fitch Ratings with stable outlooks.
