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Thursday, November 5, 2020
OKLAHOMA CITY – Oklahoma Gross Receipts to the Treasury continued their slide in October as individual income tax collections dropped by 7.5 percent, indicating the state’s economic downturn has yet to subside, State Treasurer Randy McDaniel announced on Thursday.
October receipts from all sources total $1.1 billion, down by more than $47 million, or 4.1 percent, from October of last year. Combined gross receipts for the past 12 months total $13.2 billion, off by more than $500 million compared to collections from the previous 12 months.
“We are experiencing the spillover effect of the pandemic as it chills global demand for oil and gas,” said Treasurer McDaniel. “When the energy industry is down in Oklahoma, it reduces economic activity across the state, including earned income and consumer spending.”
The gross production tax on oil and natural gas has been down significantly every month for more than a year. Oil field employment is at its lowest level, 33,700, since prior to the Great Recession. Rig counts statewide are reported at 14 in October, compared to a peak of 213 six years ago.
Individual income tax receipts for the month are down for the first time since June, partially due to fewer unemployment checks being sent to Oklahomans. Meanwhile, sales tax collections have been down every month except one since September of last year.
Other economic indicators
The Oklahoma Business Conditions Index in October remained above growth neutral for a fifth month. The October index was set at 61.1, up from 58.6 in September. Numbers above 50 indicate economic expansion is expected during the next three to six months.
The unemployment rate in Oklahoma was reported as 5.3 percent in September, down from 5.7 percent in August. The seasonally adjusted number of Oklahomans listed as jobless was reported as 99,800, according to figures released by the U.S. Bureau of Labor Statistics. The U.S. unemployment rate was listed at 7.9 percent in September.
October collections
Compared to gross receipts from October 2019, collections in October 2020 showed:
Twelve-month collections
Combined gross receipts for the past 12 months (November 2019 through October 2020) compared to the prior 12 months showed:
About Gross Receipts to the Treasury
The monthly Gross Receipts to the Treasury report, developed by the state treasurer’s office, provides a timely and broad view of the state’s economy.
It is released in conjunction with the General Revenue Fund report from the Office of Management and Enterprise Services, which provides information to state agencies for budgetary planning purposes.
The General Revenue Fund, the state’s main operating account, receives less than half of the state’s gross receipts with the remainder paid in rebates and refunds, remitted to cities and counties, and apportioned to other state funds.
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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration, (405) 205-4929