Oklahoma’s General Revenue Fund collections are still growing

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A new report shows Oklahoma’s General Revenue Fund collections in the first half of the 2023 Fiscal Year gained more than 13% compared to the previous year.

The report by the Office of Management and Enterprise Services indicated collections in December totaled $767.6 million, an amount that was $78.3 million or 11.4% more than the monthly estimate.

This is $5.2 million, or 0.7%, below collections in December 2022. Total GRF collections for the first six months of fiscal year 2023 are $4.3 billion, which is $761.5 million, or 21.8%, above the estimate, and $493.4 million, or 13.1%, above prior year collections for the same period.

“Collections continue to show strength, with year-to-date collections consistent with our latest projections for fiscal year 2023,” said state Chief Operating Officer and Interim OMES Director John Suter.

“While we’re seeing a flattening in monthly collections compared to December 2021, this is consistent with the broader economy, which is cooling off as inflation begins to ease.”

Revenue tables are available on the OMES website.