Oklahoma General Revenue Fund collections in November totaled $602.6 million, which is $60.9 million, or 11.2%, above the monthly estimate.
This is $1.9 million, or 0.3%, above collections in November 2021. Total GRF collections for the first five months of fiscal year 2023 are $3.5 billion, which is $683.2 million, or 24.4%, above the estimate, and $498.6 million, or 16.7%, above prior year collections for the same period.
Gross Production Taxes have also outperformed the prior year, in part because drilling capacity was still recovering in 2021 and in part because prices have become more volatile in the current global landscape.
“Collections performed well in November but have started to trend downward along with the broader economy,” said state Chief Operating Officer and Interim OMES Director John Suter.
“We must be mindful that prices are steadily increasing, and with the Federal Reserve having aggressively raised interest rates since February, unemployment is also on a slight rise.”
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