January GRF collections up 29% over monthly estimate
OKLAHOMA CITY — General Revenue Fund collections in January totaled $886.1 million, which is $199.2 million, or 29.0%, above the monthly estimate. This is $288.5 million, or 48.3%, above collections in January 2021. Total GRF collections through the first seven months of fiscal year 2022 are $4.6 billion, which is $808.8 million, or 21.1%, above the estimate, and $702.1 million, or 17.8%, above prior year collections for the same period.
“Collections continue to be strong with income tax, sales tax and gross production tax. Oil prices are at a seven-year high, a major factor in the above-estimate performance," said Oklahoma’s Chief Operating Officer and OMES Executive Director Steven Harpe. "In addition, year-to-date corporate income taxes now exceed the five-year average of these deposits to the General Revenue Fund."
After meeting the five-year average, 25% of the excess corporate income tax collections are deposited to the Constitutional Reserve Fund (Rainy Day Fund). The first deposit of this fiscal year is $10.2 million.
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.
Caden Cleveland | firstname.lastname@example.org