May GRF collections 3.5% above YTD estimate, second reserve deposits made
OKLAHOMA CITY – General Revenue Fund collections in May totaled $652.8 million, which is $23 million, or 3.4%, below the monthly estimate after $71 million in collections was apportioned into state reserve funds. This is $49.9 million, or 7.1%, below collections in May 2023. Total GRF collections for the first 11 months of fiscal year 2024 are $7.7 billion, which is $261.8 million, or 3.5%, above the estimate and $434 million, or 5.3%, below prior year collections for the same period.
"General collection trends remain consistent with estimates when considering the second round of deposits we've made into the state's savings funds," said State Chief Operating Officer and OMES Executive Director John Suter. "With just one month left in the fiscal year, we anticipate additional savings deposits and for GRF collections to be at or above the estimate for FY 2024."
Total fiscal year-to-date deposits to the Constitutional Reserve (Rainy Day) and Revenue Stabilization funds are $26.2 million and $132.1 million respectively.
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
