Monthly revenue reports

              OKLAHOMA STATE TREASURER
KEN MILLER
For Immediate Release: December 1, 2011
Oklahoma Economy Appears Headed into
Happy Holiday Season
OKLAHOMA CITY – Oklahoma’s economy continues its upward trend as the state enters the
Christmas season, State Treasurer Ken Miller said today as he released the state’s monthly gross
receipts report.
“We are again seeing growth in all areas measured by revenue collections, which points to an
economically healthy holiday season,” Miller said.
November collections were 13.2 percent higher than in November of last year, showing solid
improvement in the state’s economy. It was the fourth time in the past seven months that collections
grew by more than 10 percent over the prior year. Collections over the past 12 months are up more
than nine percent from the previous 12 months.
Miller said gross revenue, a reflection of the state’s economic performance, has grown for 21
consecutive months.
“The last time 12-month receipts were higher than today was two-and-a-half years ago, in May
2009, when collections stood at $10.77 billion. Since we hit the depths of the recession in February
2010, almost two-thirds of the lost revenue has been recovered,” he said.
Positive signs
On the national level, initial reports on Black Friday spending and the latest consumer
confidence measure point to an improving economic picture. Numerous sources are reporting healthy
increases in consumer spending at the start of the Christmas shopping season and The Conference
Board reports consumer confidence surged in November from the month before.
Miller said the information bodes well for Oklahoma.
“Oklahoma’s economy has consistently outperformed the national average, and there is no
indication that will change going into the holiday season,” he said.
This month’s revenue collections don’t yet reflect holiday shopping, as sales tax on purchases
made after November 15 will not be reported until next month.
(more)
In October, statewide unemployment was set at 6.1 percent, an increase of 0.2 percentage
points from the previous month. National unemployment in October was 9.0 percent. Oklahoma’s
seasonally-adjusted unemployment is down by 0.8 percentage points compared to October of last year.
In analyzing the increase, state economists, including Miller, continue to believe the uptick is
likely another sign of economic improvement as formerly discouraged job seekers are reentering the
labor force.
November collections
The revenue report for November shows gross collections at $803.02 million, up $93.79
million or 13.2 percent from November of last year.
Gross income tax collections, a combination of personal and corporate income taxes, generated
$241.45 million, an increase of $30.54 million or 14.5 percent from the previous November.
Personal income tax collections for the month are $236.81 million, up $34.71 million or 17.2
percent from the prior year. Corporate collections are $4.64 million, a decrease of $4.17 million or
47.4 percent.
Sales tax collections, including remittances on behalf of cities and counties, total $321.55
million in November. That is $22.19 million or 7.4 percent above November of last year.
Gross production taxes on oil and natural gas generated $75.28 million in November, an
increase of $7.13 million or 10.5 percent from last November. Compared to October reports, gross
production collections are up by $6.92 million or 10.1 percent.
Motor vehicle taxes produced $49.1 million, up by $5.49 million or 12.6 percent from the prior
year.
Other collections, consisting of about 60 different sources including taxes on fuel, tobacco,
horse race gambling and alcoholic beverages, produced $115.64 million during the month. That is
$28.43 million or 32.6 percent higher than last November.
Twelve-month collections
In the past 12 months, gross revenue totals $10.586 billion. That is $907.08 million or 9.4
percent higher than the 12-month period ending in November 2010.
Gross income taxes generated $3.627 billion for the 12 months, reflecting an increase of
$379.86 million or 11.7 percent from the trailing 12 months.
Personal income tax collections total $3.116 billion, up by $253.64 million or 8.7 percent from
the prior 12 months. Corporate collections are $471.15 million for the period, an increase of $126.22
million or 36.6 percent over the previous 12 months.
(more)
Sales taxes for the period generated $3.820 billion, an increase of $268.95 million or 7.6
percent from the prior 12-month period.
Oil and gas gross production tax collections brought in $1.042 billion during the 12 months, up
by $101.03 million or 10.7 percent from the previous period.
Motor vehicle collections total $653.74 million for the period. This is an increase of $50.55
million or 8.4 percent from the trailing 12 months.
Other sources generated $1.443 billion, up $106.68 million or 8.0 percent from the previous
period.
# # #
For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 522-4212
PRELIMINARY
(In $ millions) November-10 November-11 $ %
Income Tax 2 10.91 241.45 30.54 14.5%
Gross Production 6 8.14 75.28 7.13 10.5%
Sales Tax (1) 2 99.36 321.55 22.19 7.4%
Motor Vehicle 4 3.61 49.10 5.49 12.6%
Other Sources (2) 8 7.22 115.64 28.43 32.6%
TOTAL REVENUE 709.24 803.02 93.79 13.2%
(1) Includes Collections for Counties and Municipalities
(2) Gross Collections from OTC
Details may not sum due to rounding.
Gross Receipts to Treasury
MONTHLY COMPARISON SUMMARY November 2011
Variance From Prior Year
Office of the State Treasurer
-5%
0%
5%
10%
15%
20%
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
3.8%
15.5%
7.4%
Monthly Gross Receipts vs. Prior Year
December 2010 - November 2011
Percentage Variance
*
* Includes $8.32 million remitted in October but not recorded until
November.
8.1%
9.3%
5.9%
9.6%
10.7%
6.8%
15.2%
7.1%
13.2%
9,000
9,500
10,000
10,500
11,000
11,500
12,000
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-10
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
$11,283
Dec. 2008
$9,364
Feb. 2010
$10,586
Nov. 2011
PRELIMINARY
Prior Year Current Year
(In $ millions) Dec 2009 ‐ Nov 2010 Dec 2010 ‐ Nov 2011
$ %
Income Tax 3,246.86 3,626.73 379.86 11.7%
Gross Production 941.10 1,042.14 101.03 10.7%
Sales Tax (1) 3,551.14 3,820.09 268.95 7.6%
Motor Vehicle 603.18 653.74 50.55 8.4%
Other Sources (2) 1,336.18 1,442.86 106.68 8.0%
TOTAL REVENUE 9,678.47 10,585.55 907.08 9.4%
(1) Includes Collections for Counties and Municipalities
(2) Gross Collections from OTC
Details may not sum due to rounding.
Gross Receipts to Treasury
12 Month Period Ending
November Summary
Variance From Prior Year
Office of the State Treasurer
12-Month Gross Receipts
12-months ending December 2007 - 12-months ending October 2011
Dollars (in millions)
Shaded area denotes U.S. recession.
Gross Receipts to Treasury
Revenue Sources as Percentage of Whole
November 2011
12-Months ending November 2011
Office of the State Treasurer
(1) Includes Collections for Counties and Municipalities
(2) Gross Collections from OTC
14%
6%
36% 10%
34%
14%
6%
40%
9%
30%