Governor Stitt Achieves Historic State Savings of $2.8 Billion
Governor Kevin Stitt achieved a historic $2.8 billion in state savings with the close of FY 2022. Under Governor Stitt’s strict fiscal management, Oklahoma has seen 3 years of historic General Revenue Funds collections and unprecedented state savings growth.
“While Washington, D.C. spends trillions of taxpayer dollars unchecked, I am proud of our conservative fiscal discipline to protect the Oklahoma taxpayer, keep recurring revenue in line with recurring expenses, and build our state savings accounts to historic highs,” said Governor Stitt. “With $2.8 billion in savings, we are in a definitive position to deliver real relief to Oklahomans who are struggling from the devastating inflation crisis created by President Biden and his failed economic policies.”
Total collections for the 2022 fiscal year were $8.5 billion, which outperformed the 2022 fiscal year estimate by $1.9 billion, or 28.3%, and $1.5 billion, or 21.6%, above the prior year collections. The governor’s state savings target of $2.3 billion was also exceeded to total $2.8 billion.
“I appreciate my partners in the legislature who also demonstrated their commitment to fiscal conservatism these past few years,” added Governor Stitt.
A historically large cash balance of nearly half a billion dollars also accumulated in the Education Reform Revolving Fund. Pre-covid economy, the fund rarely carried a surplus over a few tens of millions but is now the state’s third largest source of unbudgeted cash.
“We are thrilled to see fiscal year 2022 revenue collections and the deposit to the Rainy Day Fund both set new state records,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. “This momentum ensures the state is on a firm foundation moving into fiscal year 2023 and emphasizes Oklahoma's continued economic expansion."
As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the state treasurer, are all revenues remitted to the Oklahoma Tax Commission.
Revenue tables are available here, on the OMES website.