Oklahoma Treasurer: Record revenue collections in August

The Associated Press - September 9, 2022 12:07 pm

OKLAHOMA CITY (AP) — Oklahoma had record revenue collections during the month of August, state Treasurer Randy McDaniel said Thursday.

The state collected a one-month record $1.37 billion during August, led by $589.9 million in combined sales and use tax collections that include out-of-state sales such as internet purchases.

The state received $362.6 million in combined income and corporate tax collections and a record $205.6 million in gross production taxes on oil and natural gas, according to a news release.

McDaniel said the economic outlook for Oklahoma is positive, but warned that rising prices are worrisome.

“Inflation, while moderating from a few months ago, remains a concern. Even so, the fundamentals of our economy remain strong with low unemployment and rising personal income,” McDaniel said.

The U.S. inflation rate, as measured by the Consumer Price Index, stood at 8.5% in July, the latest figure available.

The Oklahoma unemployment rate stood at 3% in July as reported by the Bureau of Labor Statistics, an increase from 2.9% in June.

McDaniel said total collections for the 12-month period beginning in August 2021 came to a record $16.8 billion.

 

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