OKLAHOMA STATE TREASURER
For Immediate Release: March 4, 2013
Gross Collections Dip in February
OKLAHOMA CITY – Oklahoma revenue collections dipped slightly in February, the
fifth such occurrence in the past year, State Treasurer Ken Miller said today as he released the
state’s monthly gross receipts to the treasury report.
“As with last March, June, August and November, collections in February are lower than
the same month of the prior year,” Miller said. “This follows 24 consecutive months of
collections beating the prior year.”
Miller said economic growth continues, but at a more subdued pace.
“Our average growth rate between March 2011 and February 2012 topped 10 percent,” he
said. “For the past 12 months, growth has averaged two percent.”
February gross collections were down by 2.4 percent, or almost $20 million, from
February of last year. Oklahoma’s two biggest sources of revenue, income tax and sales tax, both
grew – income by 1.4 percent and sales by 3.9 percent.
Gross production, motor vehicle taxes and other sources were all reported as lower than
the prior year.
Monthly collections were marginally affected by the inclusion of a leap day last
Looking forward, Miller said the impact of a prolonged standoff in Washington over the
federal budget and spending could eventually impact Oklahoma.
“The spillover effects of sequestration on household consumption and business
investment are a concern and could hamper future growth,” he said.
“The sequester cuts, which are disproportionately weighted toward the military, could
weaken both national security and our state’s economy. Federal spending must be greatly
reduced, but should be done strategically and include entitlement reform – the real spending
problem in Washington.”