OKLAHOMA STATE TREASURER
For Immediate Release: May 3, 2013
Monthly Gross Revenue Sets New Record High in April
OKLAHOMA CITY – Driven by a spike in income tax collections, Oklahoma monthly
gross revenue reached an all-time high in April, State Treasurer Ken Miller said today as he
released the April gross receipts to the treasury report.
Total collections of $1.273 billion exceed the previous record of $1.16 billion set five
years ago in April 2008 by almost 10 percent.
April’s strong performance brings 12-month collections of $11.222 billion to within one
percent of the peak of $11.283 billion set in December 2008.
“These numbers indicate Oklahoma’s economic expansion continues,” Miller said. “April
collections are obviously good, but just as we wouldn’t make too much of one decidedly
negative month, we should not read too much into this one.”
Income tax collections were the primary driver of the increased monthly collections,
Miller said. Those receipts were more than $100 million higher than in April of last year and
accounted for 53 percent of total collections from all sources, he said.
The tax commission reports the jump came from estimated tax payments for personal and
corporate income taxes. Personal estimated payments were up by 28 percent, including several
payments that were submitted along with tax year 2012 filing extensions. Corporate estimated
payments rose by 44 percent over the prior year, including three large payments totaling $30.5
Sales tax collections rose modestly during the month, up by about 3 percent from last
April. Gross production and motor vehicle collections were below prior year collections by 7.8
percent and 4.1 percent respectively.
Oklahoma’s unemployment rate continues to reflect the strength of the economy, Miller
said. The state’s 5 percent March unemployment rate compares to a national rate of 7.6 percent.
March unemployment in the Oklahoma City metro was set at 4.6 percent, down from 4.9
percent in February. It is the lowest jobless rate out of the nation’s 49 largest metropolitan areas.