July GRF collections show strong start to new fiscal year
OKLAHOMA CITY - Tuesday, Aug. 10, 2021 — General Revenue Fund collections in July totaled $561.6 million, which is $50.9 million, or 10%, above the monthly estimate. This is $228.9 million, or 29.0%, below collections in July of 2021.
Total July revenue collections were below prior year because of last year’s July 15 income tax filing extension; however, actual economic conditions have improved. More information on economic indicators can be found on the State Treasurer’s Oklahoma Economic Report. Sales tax and gas production taxes were the leading outperforming contributors to general revenue for July.
“We continue to beat financial estimates coming out of the COVID-19 pandemic,” said Chief Operating Officer and OMES Director Steven Harpe. “Unemployment is at its lowest since the start of the pandemic economic downturn. And we're beginning to see natural gas market recovery reflected in gross production collections, making a very positive impact."
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.
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