State officials are warning of a potential economic slowdown.
New numbers show gross receipts to the treasury topped $1.1 billion in July, which is nearly 10% higher than last year. State Treasurer Randy McDaniel says while overall collections are up, the report also reveals a drop in sales tax collections for the first time in two years.
“Gross receipts continue to generally reflect the expansion that has been ongoing in the state’s economy,” Treasurer McDaniel said. “Nonetheless, we are beginning to see indications that a potential slowdown in growth revenue is on the horizon.”
McDaniel says June sales tax was off by 2.5%. In July, those collections were down by 0.7%.
“We had hoped the reduction in June sales tax collections was an anomaly caused by severe weather damage. However, if that had been the case, we should have seen a rebound in July,” he said.
You Can Read the Treasurer's Full Report Here