General Revenue Fund collections in April totaled $1,162.8 million, which is $282.7 million, or 32.1%, above the monthly estimate. This is $426.2 million, or 57.9%, above collections in April 2021. Total GRF collections through the first 10 months of fiscal year 2022 are $6.9 billion, which is $1.4 billion, or 24.7%, above the estimate, and $1.4 billion, or 25.1%, above prior year collections for the same period.
“This is the first year since 2019 that we’ve returned to the standard April income tax filing deadline, and that played a large role in the monthly collections topping $1 billion for the first time in history,” said Steven Harpe, Oklahoma chief operating officer and OMES executive director. “While this is encouraging for Oklahoma, we still must be mindful of market volatility that could impact state revenues.”
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.)
