General Revenue Fund collections in August totaled $541.6 million, which is $91.2 million, or 20.3%, above the monthly estimate. This is $103.2 million, or 23.5%, above collections in August of 2021. Total GRF collections through the first two months of fiscal year 2022 are $1.1 billion, which is $142.1 million, or 14.8%, above the estimate, and $125.7 million, or 10.2%, below prior year collections for the same period.
Sales tax and gas production taxes continue to be among the top contributors for the second month this fiscal year as the oil and gas industry continues its recovery.
“August was a very solid month, as state revenue sources remained strong,” said state Chief Operating Officer and OMES Executive Director Steven Harpe. “Not only has the oil and gas industry continued to recover, but we are also encouraged by income tax collections and a decrease in the state’s unemployment numbers.”
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.
Editor’s Note: This story was provided by the Office of Management and Enterprise Services with minor edits for style.
