The Oklahoma Treasury had its best June on record, with $1.1 billion in gross receipts.
That wasn’t the only record set last month.
"During fiscal year 2018, the fiscal year that ended on June 30, gross receipts to the treasury were at an all-time high for any 12-month period in the state of Oklahoma. Gross receipts totaled almost $12.2 billion," said Deputy Treasurer for Communications Tim Allen.
Allen said those figures reflect a strong economy, as new taxes and tax increases were responsible for only about 3 percent of increased collections last month and during FY18.
"What’s really driving these numbers are we have more people working and earning income, we have more people consuming and paying, therefore, sales tax and use tax on those purchases," Allen said.
Treasury officials, however, won’t try looking too far into the future based on those record figures.
"We just don’t try to guess what’s coming. There are too many factors at play. I mean, as we all know, the economy expands, the economy contracts," Allen said. "We will again have a recession, certainly. We just don’t know exactly when."
Corporate income, sales, and oil and gas production tax collections in 2018 were up double-digit percentages from 2017. Less than half of gross receipts, however, go to the state's general revenue fund.
