State revenue is up more than $58 million over same month a year ago.
For yet another month, gross collections point toward steady growth in Oklahoma’s economy, State Treasurer Ken Miller announced today as he released the gross receipts to the treasury report for November.
Miller said gross receipts for the month are up by more than $58 million or 7.3 percent compared to November of last year.
“The Oklahoma economy continues to expand heading into the Christmas shopping season,” Miller said. “Relatively steady growth in gross collections has become the norm over the past few years, such that it has become somewhat expected. But as we have seen, that doesn’t necessarily translate to the General Revenue Fund.”
Miller said sales tax collections in November show ongoing consumer confidence with receipts up 2.6 percent from last November. Black Friday receipts are not yet reflected in collections as they will not be remitted until the middle of December.
Monthly collections from oil and gas production have exceeded the prior year for seven consecutive months.
However, the monthly report is somewhat skewed due to two issues.
Because the Thanksgiving holidays fell on the last two weekdays of the month, $6 million of personal income tax withholding payments remitted on Friday, November 29, were not deposited until Monday, December 2, and are, therefore, not counted in November collections. Monthly income tax collections are down slightly as a result.
Also, the tax commission made a November deposit of $39.8 million in motor vehicle revenue that was collected by the corporation commission over the past year but not accounted for due to a switch from paper check payment to electronic transfer. With that deposit, motor vehicle collections for the month are up by more than 85 percent from the prior year.
If not for the additional motor vehicle revenue and the delayed income tax payment, total monthly collections would have exceeded the prior year by $24.68 million or 3.1 percent.