November GRF collections 4.2% below monthly estimate, slightly above YTD estimate
OKLAHOMA CITY – General Revenue Fund collections in November totaled $601.6 million, which is $26.6 million, or 4.2%, below the monthly estimate. This is $51.1 million, or 7.8%, below collections in November 2023. Total GRF collections for the first five months of fiscal year 2025 are $3.28 billion, which is $2.7 million, or 0.1%, above the estimate, and $64.7 million, or 1.9%, below prior year collections for the same period.
On Dec. 20, the state Board of Equalization (BOE) will meet and new revenue projections will be available to gauge the expected performance in the second half of the fiscal year.
"As we near the midpoint of the state's fiscal year, General Revenue Fund receipts remain generally in line with estimates despite softening in some tax categories," said OMES Director Rick Rose. "Ongoing factors such as the effects of the state grocery tax elimination and fluctuations in income and gross production taxes, particularly gas (GPT-gas), remain influential. The upcoming BOE meeting will provide an updated forecast for the remainder of FY 2025, helping us monitor the state's financial landscape going forward."
November 2024 revenue tables are available on the OMES website.
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
About OMES
The Office of Management and Enterprise Services provides financial, property, purchasing, human resources and information technology services to all state agencies, and assists the Governor’s Office on budgetary policy matters. Our vision: Provide excellent service, expert guidance and continuous improvement in support of our partners’ goals. For more information, visit oklahoma.gov/omes.
