April GRF collections continue above estimates, lead to early reserve deposits
OKLAHOMA CITY – General Revenue Fund collections in April totaled $1,017.6 million, which is $35.6 million, or 3.6%, above the monthly estimate. This is $59.7 million, or 5.5%, below collections in April 2023. Total GRF collections for the first 10 months of fiscal year 2024 are $7.1 billion, which is $284.8 million, or 4.2%, above the estimate and $384.1 million, or 5.2%, below prior year collections for the same period.
"General revenue collections again beat the monthly and fiscal year-to-date estimates, continuing the trend from recent months and enabling the first deposits of the fiscal year into state reserve funds," said State Chief Operating Officer and OMES Executive Director John Suter. "Given that these deposits were made earlier than anticipated, we expect additional deposits, subject to statutory limits, during the remaining two months of FY 2024 to further bolster the state’s savings."
In April, there was a $21.8 million deposit into the Rainy Day Fund, as well as a $65.4 million deposit into the Revenue Stabilization Fund.
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
