Another sign of a continuing strong economy in Oklahoma came this week from a state agency that indicated General Revenue Fund collections in March were nearly 24% stronger than the estimate.
The Oklahoma Office of Management and Enterprise Services reported $708.2 million in March collections which is $136.3 million above the estimates.
This is $51.8 million, or 7.9%, above collections in March 2022. Total GRF collections for the first nine months of fiscal year 2023 are $6.4 billion, which is $1,105.0 million, or 21%, above the estimate, and $621.7 million, or 10.8%, above prior year collections for the same period.
“State collections remain strong in all categories except natural gas, which is a component of gross production revenue. Natural gas gross production revenue in March contributed 33.1% less than the same period one year ago,” said state Chief Operating Officer and Interim OMES Director John Suter.
“All things considered, we are pleased that general revenue is on track to reach the projected mark of $1.5 billion above initial estimates that was set by the Board of Equalization in February.”