Oklahoma’s gross tax receipts: up for the year, down for the month

OKLAHOMA CITY – Treasurer Ken Miller announced gross receipts for Fiscal year 2013 are up impressively – but down slightly for the month of June.

In his monthly briefing for members of the state Capitol press corps, Miller said the overall picture remains upbeat, despite last month’s downtick. 

“While our monthly numbers are down slightly, broad indictors show there is still reason to be optimistic about our state’s financial course,” Miller said at a Tuesday (July 2) press conference.  

Gross receipts for FY-2013 grew $240.5 million, reaching a total of $11.23 billion – a 2 percent jump over the previous fiscal year. However, the June 2013 tax receipts were down $19 million (about 1.9 percent, for a total of $976 million) compared to the same month a year ago. 

Miller said that although all major tax categories except gross production (levies on oil and natural gas) are in positive territory for the year, they were down for the month. The opposite was true for June.

Miller concluded, “The upturn in gross production collections indicates the industry is continuing to rise out of the revenue trough it reached in August of last year.”

After a long cycle of low prices, “Natural gas prices have almost doubled from the lows of last year, reflecting the fact that the amount of natural gas in storage has been cut by more than 17 percent.”

Oklahoma’s unemployment rate increased slightly, to five percent, but is still far below the national rate of 7.6 percent.

You may contact Patrick B. McGuigan at Patrick@capitolbeatok.com and follow us on Twitter: @capitolbeatok.