Oklahoma general revenue collections are high but slowing

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The state released general revenue fund collections for January showing a slowdown at the 7-month mark of the fiscal year. But they still could be on target for a record high by the end of the year.

General Revenue Fund collections in January totaled $903.7 million, which is $107.1 million, or 13.4%, above the monthly estimate. This is $17.7 million, or 2.0%, above collections in January 2022 reported the Office of Management and Enterprise Services.

Total GRF collections for the first seven months of fiscal year 2023 are $5.2 billion, which is $868.6 million, or 20.3%, above the estimate, and $511.1 million, or 11.0%, above prior year collections for the same period.

“Over halfway through fiscal year 2023, GRF collections remain on pace for a potential record high in annual revenue,” said state Chief Operating Officer and Interim OMES Director John Suter.

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“We continue to exceed estimates, though we are starting to see some minor impact from rising interest rates and falling gas prices associated with less-than-typical demand due in part to warmer winter temperatures.”

Revenue tables are available on the OMES website.

January 2023 Estimate to Actual

Jan 2023 Actual to Prior