OKLAHOMA CITY — State revenue maintained its two-year upward trend through the end of the budget year despite a dip in sales-tax collections in June, state Treasurer Randy McDaniel said Monday.
Fiscal year 2019 ended June 30 with gross revenue up almost 12% from the previous year. Gross revenue for the month of June was 4.7% higher than for the same month a year ago.
Gross sales tax receipts, though, were 2.5% below June 2018, the first time in more than two years there’s been a year-over-year monthly decline.
McDaniel said the drop may be related to stormy late spring weather, but noted that sales-tax revenue had been slowing for several months.
“If severe weather is the cause, we should see a rebound due to spending on recovery efforts,” McDaniel said in a news release. “We will continue to keep a close watch on sales-tax revenue because it is widely viewed as a barometer of consumer confidence.”
Gross revenue to the treasury includes all taxes received by the state, including those collected on behalf of local governments. Those are primarily sales taxes, which are remitted to the local entities.
It also includes money later returned to taxpayers as refunds or rebates.
McDaniel said almost all of June’s revenue increase can be attributed to changes in tax laws, especially those related to oil and gas. The state also continued to see substantial growth in individual income-tax revenue.
WPX Energy's 260,000-square-foot tower will be built on the block of property where the old Spaghetti Warehouse was located.