November 2021 collections 33.3 % above monthly estimate
OKLAHOMA CITY — General Revenue Fund collections in November totaled $600.7 million, which is $149.9 million, or 33.3%, above the monthly estimate. This is $154.6 million, or 34.7%, above collections in November of 2020. Total GRF collections through the first five months of fiscal year 2022 are $3.0 billion, which is $441.3 million, or 17.3%, above the estimate, and $224.9 million, or 8.1%, above prior year collections for the same period.
“Financial estimates remain encouraging with consumer spending strong and consistent," said Oklahoma’s Chief Operating Officer and OMES Executive Director Steven Harpe. "Our monthly reports continue to indicate an optimistic economic outlook with further growth and opportunity for the state.”
On Dec. 27, the Board of Equalization will meet and new revenue projections will be available to gauge the expected performance in the second half of the 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.
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