OKLAHOMA (OBV) – Declining oil and gas production revenues caused Oklahoma’s gross receipts to slightly fall in the month of November, according to Oklahoma State Treasurer Todd Russ.
Gross receipts for the last 12 months were $17.07 billion – $312 million (1.8 percent) less than the 12-month revenue from last November.
The 12-month revenue also fell in October because of declining oil and gas revenue.
The state’s gross production tax revenue dropped $565 million over the last 12 months, down 29 percent for the year.
November’s revenues from all sources hit a total of $1.3 billion, continuing the downward trend with a $23 million (1.8 percent) drop in total receipts compared to last November, according to Russ’ office.
Gross receipt collections declined from October to November with a $113 million ( 8 percent) drop.
November 2023 gross receipt collections compared to November 2022 gross receipts are as follows:
- Total monthly gross collections were $1.29 billion, down by $23.1 million (1.8 percent).
- Gross income tax collections, a combination of individual and corporate income taxes, generated $395.4 million, an increase of $26.3 million (7.1 percent).
- Individual income tax collections totaled $380.9 million, up by $29.4 million (8.4 percent).
- Corporate taxes are $14.5 million, down by $3.1 million (17.8 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $595 million, an increase of $1.8 million (0.3 percent).
- Sales tax revenues were $491.6 million, down by $8.7 million (1.7 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $103.4 million, up by $10.5 million (11.3 percent).
- Gross production taxes on oil and natural gas totaled $105.8 million, a decrease of $44.9 million (29.8 percent).
- Motor vehicle taxes produced $64.2 million, a decrease of $2.8 million (4.2 percent).
- Other collections, composed of 60 different sources, produced $130.6 million, a decrease of $3.5 million (2.6 percent).
Twelve-month gross receipts as of November compared to last year at the same point are as follows:
- Gross revenue totals $17.05 billion, $311.7 million (1.8 percent) below collections from the previous 12 months.
- Gross income taxes generated $6.04 billion, an increase of $2.5 million.
- Individual income tax collections totaled $5.1 billion, up by $96.3 million (1.9 percent).
- Corporate tax collections were $939 million, down by $93.8 million (9.1 percent).
- Combined sales and use taxes produced $7.1 billion, an increase of $277.2 million (4.1 percent).
- Gross sales tax receipts totaled $5.98 billion, up by $186.5 million (3.2 percent).
- Use tax collections generated $1.1 billion, an increase of $90.7 million (8.7 percent).
- Oil and gas gross production tax collections were $1.38 billion, a decrease of $564.7 million (29.1 percent).
- Motor vehicle collections totaled $877.7 million, up by $2.8 million (0.3 percent).
- Other sources generated $1.64 billion, down by $29.5 million (1.8 percent).
Comparison to Previous Month:
October 2023 receipts compared to receipts from November 2023 show total monthly gross revenues are $1.3 billion, down by $112.7 million (8 percent).
- Gross income tax receipts of $395.4 million fell $100.5 million (20.3 percent).
- Total sales and use tax generated $595.0 million, a $4.7 million (0.8 percent) increase.
The monthly gross receipts report provides a broad look at the state’s economy.
Less than half of the state’s gross receipts go to the General Revenue Fund, which is the state’s main operating account. The remainder is apportioned to other state funds, remitted to cities and counties and paid in rebates and refunds.
The Oklahoma Treasurer’s Office report included indicators that factored into the gross receipts. Those indicators are as follows:
- Oklahoma’s unemployment rate climbed again in October, hitting 3.2 percent. It was 3 percent in September. The national unemployment rate grew to 3.9 percent in October, a 0.1 rise from September’s rate.
- The annual inflation rate dropped to 3.2 percent in October, according to Consumer Price Index measurements reported by the U.S. Bureau of Labor Statistics. The index’s energy component continued showing a decline, falling 4.5 percent, but the food index grew above the overall inflation rate, ending October at 3.3 percent.
- The Oklahoma Business Conditions Index plummeted in November, falling below growth neutral for the first time in three months. The November index was set at 43.2, compared to October’s 53.0. “Numbers below 50 indicate the expectation of economic contraction over the next three to six months, but it should be noted that the index has been very volatile in recent months,” Russ’ report states.
Read Oklahoma Business Voice’s report on Oklahoma’s gross receipt totals in October.
