GRF fiscal year-to-date collections 19.4% above estimate
OKLAHOMA CITY — General Revenue Fund collections in December totaled $772.8 million, which is $168.4 million, or 27.9%, above the monthly estimate. This is $188.7 million, or 32.3%, above collections in December 2020. Total GRF collections through the first six months of fiscal year 2022 are $3.8 billion, which is $609.6 million, or 19.4%, above the estimate, and $413.6 million, or 12.4%, above prior year collections for the same period.
The Board of Equalization met in December and projected FY 2022 revenues will outperform the original estimate. Collections to date support the board’s findings, as revenues continue to be strong.
“Year-to-date collections remain steady and consistent with our latest fiscal projections, due to income, sales and use taxes, as well as oil and gas production taxes,” said Oklahoma’s Chief Operating Officer and OMES Executive Director Steven Harpe. "The Oklahoma State Board of Equalization approved estimates in December, indicating lawmakers will have $9.1 billion in certified and authorized funds for the 2023 fiscal budget year beginning July 1, 2022. We now also have the largest savings account in state history.”
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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