FY 21 revenues exceed expectations by 4.2%, deposit made to Rainy Day Fund

OKLAHOMA CITY — General Revenue Fund collections in June were $864.4 million and came in at $217.3 million, or 33.6%, above the monthly estimate. This amount is $299.5 million, or 53.0%, above collections in June of 2020. Total collections for the 2021 fiscal year were $7.0 billion and came in at $282.0 million, or 4.2%, above the 2021 fiscal year estimate, and $734.6 million, or 11.7%, above prior year collections.

"As we close the books on FY 2021, it is clear that Oklahoma has performed well in the face of a difficult year," said Chief Operating Officer and OMES Director Steven Harpe. "Revenue remained high, as many businesses stayed open. Oklahoma overcame all odds to make a deposit in our state's Rainy Day Fund, which we can invest in the future."

The $282.0 million surplus will be deposited to the Constitutional Reserve Fund (Rainy Day Fund). The fund also received $30 million from unanticipated excess corporate income taxes. The current FY 22 balance of the Constitutional Reserve Fund is now $370.6 million. The Revenue Stabilization Fund received no additional deposits this year and has a balance of $171.3 million. The combined funds hold total reserves for the state of $541.9 million, which has doubled since the beginning of the year.  

Total General Revenue Fund collections for FY 2021 of $7.0 billion is the largest deposit the state has made to the fund to date. Sales tax and income tax were the leading categories, coming in at 1.5% and 13.6% above estimate, respectively. Gross production taxes, weighed down by a challenging year in the oil market, came in 27.4% below expectations.  

Major tax categories in June contributed the following amounts to the GRF:

• Total income tax collections of $478.2 million were $216.0 million, or 82.4%, above the estimate and $235.9 million, or 97.4%, above the prior year.
  Individual income tax collections of $371.6 million were $155.7 million, or 72.1%, above the estimate and $155.1 million, or 71.6%, above the prior year.
  Corporate income tax collections of $106.5 million were $60.3 million, or 130.5%, above the estimate and $80.8 million, or 314.9%, above the prior year.
• Sales tax collections of $204.1 million were $12.2 million, or 6.3%, above the estimate and $22.8 million, or 12.6%, above the prior year.
• Gross production tax collections of $61.4 million were $16.7 million, or 21.4%, below the estimate and $47.7 million, or 346.9%, above the prior year.
  Natural gas collections of $27.14 million were $12.2 million, or 81.9%, above the estimate and $22.0 million, or 424.7%, above the prior year.
  Oil collections of $34.3 million were $29.0 million, or 45.8%, below the estimate and $25.7 million, or 299.9%, above the prior year.
• Motor vehicle tax collections of $3.1 million were $1.8 million, or 37.0%, below the estimate and $13.9 million, or 81.6%, below the prior year.
• Other revenue collections of $117.5 million were $7.7 million, or 7.0%, above the estimate and $7.1 million, or 6.4%, above the prior year.

Collections to the GRF for the full fiscal year from major tax sources were:

• Total income tax collections of $3.3 billion were $400.0 million, or 13.6%, above the estimate and $589.1 million, or 21.4%, above the prior year. 
  Individual income tax collections of $2.9 billion were $193.5 million, or 7.2%, above the estimate and $375.3 million, or 14.9%, above the prior year.
  Corporate income tax collections of $452.1 million were $206.6 million, or 84.1%, above the estimate and $213.9 million, or 89.8%, above the prior year.
• Sales tax collections of $2.2 billion were $32.7 million, or 1.5%, above the estimate and $176.8 million, or 8.8%, above the prior year.
• Gross production tax collections of $418.6 million were $157.9 million, or 27.4%, below the estimate and $51.2 million, or 10.9%, below the prior year.
  Natural gas collections of $281.9 million were $72.7 million, or 34.8%, above the estimate and $107.5 million, or 61.7%, above the prior year.
  Oil collections of $136.7 million were $230.6 million, or 62.8%, below the estimate and $158.8 million, or 53.7%, below the prior year.
• Motor vehicle tax collections of $35.5 million were $9.5 million, or 36.6%, above the estimate and $16.9 million, or 32.2%, below the prior year.
• Other revenue collections of $1.0 billion were $2.4 million, or 0.2%, below the estimate and $36.7 million, or 3.7%, above the prior year.

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 on the OMES website.

Media Contact

Bonnie Campo
405-365-9023 | bonnie.campo@omes.ok.gov