October 2022 GRF collections total $715.3 million
OKLAHOMA CITY —General Revenue Fund collections in October totaled $715.3 million, which is $112.1 million, or 18.6%, above the monthly estimate. This is $103.9 million, or 17.0%, above collections in October 2021. Total GRF collections for the first four months of fiscal year 2023 are $2.9 billion, which is $622.3 million, or 27.5%, above the estimate, and $496.7 million, or 20.8%, above prior year collections for the same period.
"We continue to be encouraged by the upward trend of revenue collections that indicates the strength of Oklahoma's economy,” said state Chief Operating Officer and OMES Interim Director John Suter. “Oklahoma has outperformed expectations across several key revenue sources and remains fiscally strong."
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.