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Revenue collections reach all-time highs in Oklahoma

Revenue collections reach all-time highs in Oklahoma
Posted at 9:35 AM, Jul 04, 2018
and last updated 2018-07-04 10:35:03-04

OKLAHOMA CITY (AP) -- State finance officials say Oklahoma's economy is continuing to show positive signs and state treasury collections are reaching all-time highs for both the last month and year.

State Treasurer Ken Miller released figures Tuesday that show a record $12.8 billion in overall collections for the last year, including $1.1 billion in gross receipts for the month of June. Both are record highs.

The revenue collection numbers don't include collections from new taxes on cigarettes, fuel and energy production that went into effect July 1. Those taxes are projected to generate an additional $430 million annually and will help fund teacher pay raises.

Miller reports overall collections to the state treasury during the recently completed fiscal year were up by $1.2 billion. That's more than 11 percent over the previous year.

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