February 2022 GRF collections continue strong pace
OKLAHOMA CITY — General Revenue Fund collections in February totaled $442.6 million, which is $95.8 million, or 27.6%, above the monthly estimate. This is $92.9 million, or 26.5%, above collections in February 2021. Total GRF collections through the first eight months of fiscal year 2022 are $5.1 billion, which is $904.6 million, or 21.6%, above the estimate, and $794.9 million, or 18.5%, above prior year collections for the same period.
“Our positive economic momentum continues as collections exceed estimates across income, sales, gross production and use taxes,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. “This advancement is an encouraging indication of our fiscal resilience as we increase savings and witness strong economic growth across the state.”
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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