September 2022 GRF collections 26.3 percent above prior year
OKLAHOMA CITY —General Revenue Fund collections in September totaled $849.1 million, which is $243.7 million, or 40.2%, above the monthly estimate. This is $176.9 million, or 26.3%, above collections in September 2021. Total GRF collections for the first three months of fiscal year 2023 are $2.2 billion, which is $510.2 million, or 30.8%, above the estimate, and $392.8 million, or 22.1%, above prior year collections for the same period.
"September revenues exceeded both estimates and prior year collections across all tax categories, demonstrating a strong job market,” said state Chief Operating Officer and OMES Executive Director Steven Harpe. “Additional indicators that continue to drive encouragement include that Oklahoma is among the nation's leaders in lowest unemployment rates and currently possess the largest labor force in our 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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