March 2022 GRF collections above monthly estimate
OKLAHOMA CITY — General Revenue Fund collections in March totaled $656.4 million, which is $179.8 million, or 37.7%, above the monthly estimate. This is $167.1 million, or 34.1%, above collections in March 2021. Total GRF collections through the first nine months of fiscal year 2022 are $5.7 billion, which is $1.1 billion, or 23.3%, above the estimate, and $962.0 million, or 20.1%, above prior year collections for the same period.
“Looking at our March revenue numbers gives us yet another indicator of the stable economic growth we see in our state,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. “Revenue collections to date are now a billion dollars above the initial estimate. The state treasurer reports our economy is expanding amid an inflationary environment and we expect to end the fiscal year in good shape.”
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