October GRF collections exceed monthly and YTD estimates despite sales tax shortfall
OKLAHOMA CITY – General Revenue Fund collections in October totaled $711.9 million, which is $24.5 million, or 3.6%, above the monthly estimate. This is $3.8 million, or 0.5%, below collections in October 2023. Total GRF collections for the first four months of fiscal year 2025 are $2.68 billion, which is $29.3 million, or 1.1%, above the estimate, and $13.6 million, or 0.5%, below prior year collections for the same period.
"The state's General Revenue Fund is tracking closely with estimates as we enter the second quarter of the fiscal year," said OMES Director Rick Rose. "October marked the first full month of collections impacted by the state grocery tax elimination, which is reflected in the decrease in overall sales tax revenue. Despite the sales tax shortfall, a stronger-than-anticipated contribution from individual income tax more than offset the gap. We will continue to closely monitor general revenue trends to assess the full impact of the grocery tax elimination as the fiscal year progresses."
October 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.
