As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.
Receipts for the last 12 months through September total $16.95B, a decrease of $115.6M, or 0.7%, when comparing revenue from the previous year. Total revenue for October 2024 equal $1.387B and decreased over October 2023 by $16.2M or 1.2%. and reflecting a modest change from grocery tax cut going forward.
Gross Production Tax or “GPT” totals equal $73.3M, down $12.1M or 14.2% over the previous month. Other tax sources for the same time period show individual income tax increased 16.3%, total sales and use tax decreased 7.7%, motor vehicle tax increased 1.7% and other sources increased 9.9%.
OK Unemployment for September — 3.4% seasonally adjusted rate, and unchanged from August.
US Unemployment for September — 4.1% seasonally adjusted rate, and unchanged from August.
Consumer Price Index — Increased 0.2% in September, after increasing 0.2% in August and July.
- The index for shelter rose 0.2% in September, and the index for food increased 0.4%. Together, these two indexes contributed over 75% of the monthly all items increase. The food at home index increased 0.4% in September and the food away from home index rose 0.3% over the month. The energy index fell 1.9% over the month, after declining 0.8% the preceding month.
- The all items index rose 2.4% for the 12 months ending September, the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.3% over the last 12 months. The energy index decreased 6.8% for the 12 months ending September. The food index increased 2.3% over the last year.
The state’s Business Conditions Index for September decreased over last month.
Jan. 48.7 Feb 46.9 March 53.3 April 54.7 May 48.4
June 47.5 July 49.3 Aug. 48.0 Sept. 45.7
Components of the overall September index were: new orders at 41.5; production or sales at 37.8; delivery lead time at 54.8; inventories at 50.9; and employment at 44.7. As a result of a cooling 2024 economy and waning inflationary pressures, Goss expects the Federal Reserve to cut interest rates by 0.25% at their November 6-7, 2024 meetings.
As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.
12-Month Period End Comparison
Gross receipts total $16.95 billion, down $115.59 million or 0.7 percent.
- Combined individual income tax and corporate income tax $6.2 billion, up $252.3 million or 4.2 percent.
- Individual tax of $5.3 billion, up $286.4 million or 5.7 percent.
- Corporate tax of $908 million, down $34.1 million or 3.6 percent.
- Combined sales tax and use tax–including city and county remittances–of $7.1 billion, down $49.9 million or 0.7 percent.
- Sales tax of $5.9 billion, down $122.7 million or 2.0 percent.
- Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $72.7 million or 6.5 percent.
- Oil and gas gross production tax of $1.1 billion, down $360.3 million or 25.3 percent.
- Motor vehicle tax of $918.4 million, up $37.9 million or 4.3 percent.
- Other sources, including 70 different revenues, of $1.64 billion, up $4.5 million or 0.3 percent.
Monthly Comparison
Gross receipts total $1.39 billion, down $16.2 million or 1.2 percent for October 2024 vs. 2023.
- Income tax of $538.2 million, up $42.4 million or 8.5 percent.
- Individual tax of $507.3 million, up $43.5 million or 9.4 percent.
- Corporate tax of $30.9 million, down $1.2 million or 3.6 percent.
- Sales and use tax of $546.4 million, down $44 million or 7.5 percent.
- Sales tax of $450.6 million, down $48.1 million or 9.6 percent.
- Use tax of $95.8 million, up $4.1 million or 4.4 percent.
- Gross production taxes of $73.3 million, down $26.5 million or 26.6 percent.
-
- Motor vehicle taxes of $77.4 million, up $6.4 million or 9 percent.
- Other sources of $152.4 million, up $5.6 million or 3.8 percent.
Month-Over-Month Comparison
Gross receipts total $1.39 billion, down $105.6 million or 7.1 percent from last month.
- Decrease in income tax of $62.7 million or 10.4 percent.
- Decrease in sales and use tax of $45.8 million or 7.7 percent.
- Increase in gross production taxes of $12.1 million or 14.2 percent.
- Decrease in motor vehicle taxes of $1.3 million or 1.7 percent.
- Increase in other sources of $13.7 million or 9.9 percent.
View full PDF report below.
Get Local News!
