GRF collections show strong start for FY 2023
OKLAHOMA CITY —General Revenue Fund collections in July totaled $643.9 million, which is $94.8 million, or 17.3%, above the monthly estimate. This is $82.4 million, or 14.7%, above collections in July 2021.
“I’m excited to see our momentum continuing from last year into this current fiscal year,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. “Our strong economy is again setting a new state record for collections in oil and gas production taxes, coming in at $52.7 million above what was received last fiscal year during the same month.”
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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