State Treasurer Todd Russ released the October 2025 State Tax Revenue Report showing total collections of $1.45 billion, a 3.4% decrease from September, but a 4.4% increase from October 2024. Over the last 12 months, Oklahoma has collected $17.03 billion, up 0.5% year-over-year, marking continued stability in the state’s overall fiscal base.

“This month’s report shows a healthy rebound in sales and use tax collections, signaling steady consumer spending even as overall revenues eased slightly from September,” said Treasurer Russ. “Year-over-year growth remains positive, and Oklahoma continues to demonstrate a balanced and resilient economy supported by steady employment and energy strength. The broader trends suggest stability, something both state and local governments can plan around with confidence.”

Key Takeaways from the October 2025 Tax Revenue Report

• Total Monthly Revenue: $1.45 billion, up 4.4% year-over-year, down 3.4% month-over-month.
• Sales & Use Tax: $582.0 million, up 6.5% from last year and 4.6% from September, reflecting solid household spending.
• Income Tax: $565.3 million, up 5.0% year-over-year, but down 13.2% month-over-month following September’s surge.
• Gross Production Tax (oil & gas): $85.7 million, up 16.9% year-over-year, down 4.5% month-over-month due to commodity price movement.
• Motor Vehicle Tax: $72.1 million, down 6.8% year-over-year, reflecting cooler vehicle sales.
• Other Sources: $143.0 million, up 13.5% from September, showing broad-based gains across more than 70 smaller revenue streams.
• 12-Month Total: $17.03 billion, up $81.4 million (0.5%) year-over-year, led by increases in income and energy tax collections.

Ties to National Trends

Nationally, state revenues remain mixed as the U.S. economy adjusts to inflation holding near 3.0% and interest rates that remain elevated. Economic indicators point toward gradual cooling, but Oklahoma continues to outperform in several areas:

• With inflation easing and the labor market showing signs of softening, the Federal Reserve made a second cut this year for interest rates in October, with a third likely by the end of the year.
• Oklahoma’s unemployment rate remains low at 3.1%, compared to 4.3% nationally. Despite uncertainty surrounding the federal shutdown, the labor market has slowed in job gains. The Federal Reserve made its October rate cut using the latest available public and private sector data, aiming to support continued employment stability while keeping inflation in check.
• The state’s Business Conditions Index rose to 52.2, signaling moderate regional growth.
• Energy production continues to bolster revenue stability, with oil and gas collections up 1.6% over the past 12 months.
• Cities and towns that rely on sales and use tax for operations may view the softening earlier in the year as a seasonal adjustment rather than a sign of distress, given the rebound in October collections.

“Oklahoma’s consistent growth and diversified economy show that we’re managing the challenges of a shifting national economy,” Treasurer Russ added. “Steady revenues, responsible budgeting, and strong employment are helping keep Oklahoma on firm financial ground.”

The complete October 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.

Last Modified on Nov 24, 2025

Oklahoma tax revenues rebounded in June after a seasonal May dip, with the latest monthly collections totaling $1.48 billion, a 15.1% increase over May and a 3.3% gain compared to June 2024. The growth closes out Fiscal Year 2025 on a strong note, signaling a resilient economic base as Oklahoma enters the new fiscal year.

Total collections over the past 12 months reached $16.92 billion, a 0.2% increase over the previous 12-month period, indicating solid year-end momentum despite ongoing national and global uncertainty.

“Oklahoma’s revenue rebounded this month, showing total increases across both yearly and monthly comparisons—a strong sign of economic resilience and fiscal momentum as we close out fiscal year 2025 and look ahead to 2026,” said State Treasurer Todd Russ, “As we prepare to celebrate Independence Day, it’s encouraging to see so many signs that Oklahomans are working hard, spending responsibly, and helping build a stable foundation for the year ahead.”

Key Takeaways from the June 2025 Tax Revenue Report:

• Income tax collections surged by 44.6% month-over-month, totaling $593.9 million, as filing activity normalized after the post-season lull.
• Sales and use taxes grew 1.6% from May, totaling $582.6 million, indicating steady consumer spending despite national headwinds.
• Motor vehicle tax revenue rose 4.5%, reaching $81.3 million, reflecting stable demand in the auto sector.
• Oklahoma’s Business Conditions Index rose to 50.6, signaling steady economic expansion.

Ties to National Trends:

Nationally, state revenues have shown mixed results as the U.S. economy continues to adjust to high interest rates and cautious consumer behavior. However, Oklahoma remains comparatively strong, with a diversified economy and balanced fiscal framework.

• The U.S. unemployment rate fell to 4.1% in June, while Oklahoma’s remains lower at 3.1%, reflecting sustained local job strength.
• Inflation remains moderate, with a 2.4% Consumer Price Index, preserving household purchasing power.
• Manufacturing exports from Oklahoma grew 6.4% in Q1, underscoring growth in tradable sectors that support rural and industrial communities.
• While some revenue categories show volatility, the overall fiscal picture remains stable, aided by conservative budgeting and resilient sectors such as energy, logistics, and agriculture.

“These numbers show that Oklahoma’s economy is not only weathering national pressures but closing the year with signs of stability and adaptability,” said Treasurer Russ. “We’re seeing consistent strength in core areas like employment, household spending, and exports—an encouraging sign as we begin a new fiscal year.”

Access the Full Report

The complete June 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.

For questions, interviews, or deeper data insights, contact lara.blubaugh@treasurer.ok.gov.

Last Modified on Jul 03, 2025

State Treasurer Todd Russ Applauds Successful Bond Offering to Fund $275 Million in Transportation Improvements

OKLAHOMA CITY (May 8, 2025) – Within the Oklahoma State Treasurer’s Office is the Oklahoma Capitol Improvement Authority (OCIA), which took official action with financing a $275 million infrastructure package in partnership with the Oklahoma Department of Transportation (ODOT).

Approved earlier this year by the OCIA Board as authorized by the Legislature, the bond financing will fund major transportation improvements across the state, such as upgrades to the Roosevelt Bridge over Lake Texoma, a new truck bypass on U.S. Highway 81 in Chickasha and the widening of I-35 from south of Purcell to Ardmore.

“This is a strong example of careful and responsible financial management,” said State Treasurer Todd Russ. “Upgrades and maintenance can be painful, but they are extremely vital. By acting at the right time in the bond market, we are securing the best possible rates to finance important transportation upgrades that will benefit Oklahoma families and businesses for years to come.”

The OCIA Board—chaired by Governor Kevin Stitt, with Lt. Governor Matt Pinnell as Vice Chair, and Treasurer Russ serving as Secretary—approved the project in February 2025. Other board members include Tim Gatz, Rick Rose, Sterling Zearley, Charles Prater and Jeffrey Cartmell. The Office of the State Treasurer, on behalf of OCIA, executes the bond financing to generate project funds.

The Board authorized the issuance of the Oklahoma Capitol Improvement Authority State Highways Capital Improvement Revenue Bonds, Series 2025A, in an amount not to exceed $275 million. These funds will be used for construction, maintenance, and improvements to state highway and bridge infrastructure. As part of the state’s goal of becoming the top 10 nationwide in sound roads and bridges, this funding is crucial to continuing the positive momentum created over the last ten years.

The pricing was competitive with strong investor demand, which in conjunction with the tax-exempt status of the bonds, allowed for tightening of spreads and a lower cost of capital on the financing —further evidence of the state’s strong credit standing and market timing.

“We carefully watched the market and weighed the best possible time to act, and result spoke to those efforts,” said Treasurer Russ. “OCIA’s role within the Office of the State Treasurer ensures Oklahoma can respond quickly and effectively in moments like this—making the most of market conditions and investing wisely in our state’s future.”

Bond proceeds will be delivered promptly to ODOT to begin the authorized projects.

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Photo: State Treasurer Todd Russ

Contact: Lara Blubaugh
lara.blubaugh@treasurer.ok.gov