GRF collections 9.9% above August estimate, year-to-date collections generally in line
OKLAHOMA CITY – General Revenue Fund collections in August totaled $609.1 million, which is $54.9 million, or 9.9%, above the monthly estimate. This is $66 million, or 9.8%, below collections in August 2022. Total GRF collections for the first two months of fiscal year 2024 are $1.2 billion, which is $24.1 million, or 2%, below the estimate and $107 million, or 8.1%, below prior year collections for the same period.
"Overall August collections closely aligned with the most recent projections by the Board of Equalization, with revenue below previous year records," said State Chief Operating Officer and OMES Executive Director John Suter. "The decreases are primarily attributed to the decline in Gross Production gas revenue. While we do expect to continue seeing revenue below the prior year collections, our strong state economy positions us well for continued fiscal resilience."
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
