June Revenue Collections Fall Below Prior Year

OKLAHOMA CITY – Oklahoma finished the fiscal year well into the black, but the last month saw the largest decline of the year in gross production tax collections, State Treasurer Ken Miller announced today as he released the gross receipts report for June and fiscal year 2012.


Total collections in June were pushed negative compared to the same month of the prior year due to a 42 percent drop in gross production collections. It was also the seventh consecutive monthly decline in gross production tax collections from the same month of the last year. June marked only the second month in the fiscal year where total collections dipped below the prior year.

“Reductions in gross production and personal income tax collections combine to set our monthly number back, but other economic indicators, such as sales receipts, low unemployment and solid corporate profits, point to continued expansion,” Miller said.


June collections are down by 0.6 percent from June of last year, Miller said. That compares to average growth during FY 2012 of 7.7 percent, including a 10.3 percent increase in income tax collections.


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