Oklahoma treasurer: Collections up, but economy could slow

Oklahoma treasurer: Collections up, but economy could slow
(Source: Gray News)

OKLAHOMA CITY (AP) — Oklahoma’s treasurer says overall receipts to the state’s treasury are continuing to rise, but he warns there are signs of a potential economic slowdown on the horizon.

State Treasurer Randy McDaniel released figures on Friday that show gross receipts to the treasury topped $1.1 billion in July, up nearly 10 percent from July last year. Overall collections for the last 12 months totaled nearly $13.7 billion, which is nearly 12 percent higher than the prior 12 months.

But McDaniel also reports tax receipts from the production of oil and gas are declining and sales tax collections are beginning to drop for the first time in two years.

Treasury officials reported sales tax receipts fell below those of the prior year in both June and July.

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