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Revenue collections to Oklahoma treasury continue to climb

AP – OK | Jun 07, 2019

OKLAHOMA CITY (AP) — Overall collections to the Oklahoma treasury continued to grow last month, marking the 26th consecutive month in which collections exceeded those from the same month a year prior.

Oklahoma Treasurer Randy McDaniel released figures Friday that show May receipts of $1.1 billion, an increase of more than 10% from May 2018.

Much of the revenue boost can be attributed to a package of tax hikes the Legislature approved last year, to increase teacher pay. McDaniel reported those taxes on fuel, cigarettes and energy production added nearly $60 million to last month’s collections. More than half of that, about $31.1 million, came from the increased tax rate on oil and natural gas production.

McDaniel cautioned any impact of recent flooding on state revenue figures won’t be seen until next month’s report.

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