GRF collections 14.5% above monthly estimate, 7.6% above YTD estimate
OKLAHOMA CITY – The State of Oklahoma's General Revenue Fund collections in November totaled $652.7 million, which is $82.4 million, or 14.5%, above the monthly estimate. This is $50.1 million, or 8.3%, above collections in November 2022. Total GRF collections for the first five months of fiscal year 2024 are $3.3 billion, which is $235.4 million, or 7.6%, above the estimate and $138.8 million, or 4%, below prior year collections for the same period.
“As we approach the halfway mark of the state’s fiscal year, I am happy to share that November is yet another milestone where collections outperformed the monthly and, consequently, the year-to-date estimates," said State Chief Operating Officer and OMES Executive Director John Suter. "While overall collections are slightly behind those seen during last year’s record-setting year, these results signify Oklahoma’s resilience as its citizens continue to digest the effects of higher interest rates, mounting inflation and lower commodity prices.”
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.
Media Contact
Christa Helfrey
christa.helfrey@omes.ok.gov
