DALLAS – Oklahoma gross revenues reached a 12-month record of $11.3 billion at the end of July, as energy production tax collections rose for the third month in a row.
Collections are up 21% from a 12-month low point of $9.4 billion recorded in February 2010, Treasurer Ken Miller said Monday.
Revenues in the period were 0.1% more than the former 12-month record of $11.28 billion set in December 2008.
“By at least this one measure, Oklahoma has regained and moved past the ground it lost during the Great Recession,” Miller said. “The revenue recovery, from peak to peak, took four years and seven months.”
Collections from August 2012 through July were $299.8 million more than the $11 billion posted in the 12-month period that ended in July 2012.
Sales tax revenues of $4.2 billion in the period were $157.7 million higher.
The income tax generated $4.2 billion, with $3.5 billion from the tax on individuals.
Oil and natural gas production taxes totaled $726.2 million, down $126 million.
Production tax collections have been up for the last three months, Miller said, after more than a year of month-to-month declines. Revenues in July totaled $69.5 million, up $11 million from July 2012 and $1.6 million more than in June 2013
Oklahoma’s monthly revenues reached a record of $1.27 billion in April, beating the previous monthly high of $1.16 billion set in April 2008 by almost 10%.
July revenues of $924 million marked an increase of $69 million from July 2012.
Recovery from the deadly May tornadoes boosted July revenues with increased collections from retail sales taxes on construction materials and automobiles, Miller said.
Motor vehicle collections last month rose by 11% from July 2012, he said, and sales tax collections were up 4.2%.