May 2022 GRF collections exceed estimate for 11th month in a row
OKLAHOMA CITY —General Revenue Fund collections in May totaled $703.7 million, which is $197.4 million, or 39.0%, above the monthly estimate. This is $80.2 million, or 12.9%, above collections in May 2021. Total GRF collections through the first 11 months of fiscal year 2022 are $7.6 billion, which is $1.6 billion, or 25.9%, above the estimate, and $1.5 billion, or 23.9%, above prior year collections for the same period.
“Collections this month are yet again ahead of expectations, largely due to income and production taxes being the leading performance categories,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. "This fiscal year’s performance has been continually encouraging and I anticipate our state getting a healthy start as we move into FY 23."
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 | email@example.com