April 2023 GRF collections above prior year, despite lower monthly collections
OKLAHOMA CITY —General Revenue Fund collections in April totaled $1,077.3 million, which is $57.6 million, or 5.6%, above the monthly estimate. This is $85.5 million, or 7.4% below, collections in April 2022. Total GRF collections for the first 10 months of fiscal year 2023 are $7.4 billion, which is $1,162.7 million, or 18.5%, above the estimate, and $536.2 million, or 7.8%, above prior year collections for the same period.
“Year-to-date collections are at their highest level ever," said state Chief Operating Officer and Interim OMES Director John Suter. "Variability in the energy sector is notable, particularly in natural gas, which will influence the balance of the year’s collections. That being said, we are well on our way to a record-breaking year. "
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.