OKLAHOMA CITY – General Revenue Fund collections in July totaled $603 million, which is $30.9 million, or 4.9%, below the monthly estimate. This amount is $41 million, or 6.4%, below collections in July 2023. Being the first month of the fiscal year, total year-to-date collections reported are limited to the July gross receipts.
"It's good to see most major revenue sources came in as expected during the first month of fiscal year 2024," said State Chief Operating Officer and OMES Executive Director John Suter. "The shortfall in Gross Production Tax revenue is unsurprising as natural gas prices continue to remain at relatively low levels. Additionally, the dip in Total Income Tax reflects the anticipated economic slowdown in the second half of calendar year 2023. However, we expect the state's revenue to continue performing strongly overall."
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
