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Collections to Oklahoma treasury reach record highs

July 7, 2021 GMT
FILE - In this Jan. 14, 2019, file photo, Randy McDaniel, Oklahoma state treasurer, arrives for inaugural ceremonies in Oklahoma City. McDaniel says overall collections to the Oklahoma treasury are continuing to set record highs, fueled in large part by an influx of federal funding. McDaniel says overall receipts to the treasury for both the month of June and the fiscal year that ended June 30, 2021, were at record highs. (AP Photo/Sue Ogrocki, File)
FILE - In this Jan. 14, 2019, file photo, Randy McDaniel, Oklahoma state treasurer, arrives for inaugural ceremonies in Oklahoma City. McDaniel says overall collections to the Oklahoma treasury are continuing to set record highs, fueled in large part by an influx of federal funding. McDaniel says overall receipts to the treasury for both the month of June and the fiscal year that ended June 30, 2021, were at record highs. (AP Photo/Sue Ogrocki, File)

OKLAHOMA CITY (AP) — Overall collections to the Oklahoma treasury continue to set record highs fueled largely by an influx of federal funding over the past year, State Treasurer Randy McDaniel said Wednesday.

Overall treasury receipts for June and the fiscal year ended June 30 reached record highs, McDaniel said in a statement announcing the latest receipts.

“The economic picture in Oklahoma is still developing, but it’s clearly much improved from where we were a year ago during the depths of the pandemic,” he said.

The increase can be attributed largely to an infusion of more than $10 billion in federal payments to Oklahomans in response to the pandemic, along with the timing of income tax payment deadlines, he said.

McDaniel said collections from oil and gas production taxes quadrupled from June 2020, when payments sank to a record low because of depressed oil prices.