Caution Urged Despite Record-Setting Revenue In Oklahoma

OKLAHOMA CITY (AP) — Oklahoma State Treasurer Randy McDaniel urged caution Wednesday despite a record month for revenue collections in the state.

Collections totaled $2.04 billion, topping the previous one-month record of $1.58 billion in April 2019, according to McDaniel.

Individual and corporate income taxes led the increase, bringing $1.1 billion, up 103.3% from April last year, McDaniel said, while noting smaller increases and declines in other areas of the state economy.

“Record performance numbers point to the strength of the state economy,” McDaniel said. “Even so, there are signs that would urge some caution going forward.

"Sales and use tax receipts are up by less than the rate of inflation, and gross production and motor vehicle revenues are lower than collections of last April.”

Sales and use taxes rose by 2.9% from one year ago to $584.6 million while the inflation rate for March was 8.5%.

Taxes on oil and natural gas dropped 1.2% from one year ago to $132.1 million while motor vehicle revenues fell by 8.2% to $72 million.