Oklahoma’s economy in May was apparently pretty flat…at least that’s how one state agency described the state’s General Revenue Fund collections–“substantially flat.”
That’s how the Oklahoma Office of Management and Enterprise Services put it in revealing the May collections were $702.7 million, an amount that was $84 million or 13.6% more than the initial monthly estimate.
The flatness was also reflected in the total of gross production tax collections which included those on oil and gas production in the state.
Total GRF collections for the first eleven months of fiscal year 2023 are $8.2 billion, which is $1,246.6 million, or 18.1% above the estimate, and $535.2 million, or 7.0% above prior year collections for the same period.
“Our overall year-over-year collections continue to perform strong with Income and Corporate Taxes making up for the recent lag in Gross Production Tax revenue,” said State COO and OMES Executive Director John Suter.
“With one month remaining in Fiscal Year 2023, recent projections suggest the state’s General Revenue will once again break the end-of-year total collections record previously set at the end of Fiscal Year 2022.”
Total Income Tax came in at 59.3% above estimates and 13.7% over prior year collections for May, while Gross Production Tax collections came in 29.8% below estimates and 44% below prior year actual collections for May.
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.
Source: OMES release