August 2022 GRF collections 34 percent above estimate
OKLAHOMA CITY —General Revenue Fund collections in August totaled $675.1 million, which is $171.7 million, or 34.1%, above the monthly estimate. This is $133.5 million, or 24.6%, above collections in August 2021. Total GRF collections for the first two months of fiscal year 2023 are $1.3 billion, which is $266.5 million, or 25.3%, above the estimate, and $215.9 million, or 19.6%, above prior year collections for the same period.
“August collections reflect Oklahoma's economic growth throughout the summer,” said state Chief Operating Officer and OMES Executive Director Steven Harpe. “A diligent approach in monitoring national and global economic trends is vital as we remain mindful of inflation and interest rate effects on local business and employment."
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