Historic finish for FY 2022 General Revenue Fund
OKLAHOMA CITY —General Revenue Fund collections in June were $908.1 million and came in at $313.1 million, or 52.6%, above the monthly estimate. This amount is $43.8 million, or 5.1%, above collections in June of 2021. Total collections for the 2022 fiscal year were $8.5 billion, which is $1.9 billion, or 28.3%, above the 2022 fiscal year estimate, and $1.5 billion, or 21.6%, above prior year collections.
“We're excited to see fiscal year 2022 revenue collections and the deposit to the Constitutional Reserve Fund (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."
FY 2022 General Revenue surplus was $1.9 billion. In addition to the revenue surplus, $577.1 million was realized as cash from the unspent FY 2022 budget and required budgetary cushion and $217.2 million was transferred to the Cash Flow Reserve Fund to allow for even monthly allocations for the FY 2023 budget. A constitutionally required transfer to the Rainy Day Fund of $575.7 million brings the Rainy Day Fund’s total to a record $1.1 billion, meeting the constitutional limit of 15% of the prior year’s total general revenue collections. The end-of-fiscal year cash for the FY 2022 General Revenue Fund closed with $1.7 billion. A $698 million appropriation effective Sept. 15, 2022, will finance the newly created LEAD fund, leaving $963.8 million in cash available in the FY 2022 General Revenue Fund.
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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