January GRF collections up 29% from monthly estimate | Community

OKLAHOMA CITY — General Revenue Fund collections in January totaled $886.1 million, or $199.2 million, or 29.0%, above the monthly estimate. This represents $288.5 million, or 48.3%, above January 2021 recoveries. GRF’s total recoveries in the first seven months of fiscal 2022 are $4.6 billion, $808.8 million, or 21.1%, above estimate, and $702.1 million, or 17.8%, above prior year collections for the same period .

“Collections continue to be strong with income tax, sales tax and gross production tax. Oil prices hit their highest level in seven years, a major factor in the above-estimate performance,” said Steven Harpe, Oklahoma COO and Executive Director of OMES. annual average of these deposits to the General Revenue Fund.

After reaching the five-year average, 25% of excess corporate tax collected is paid into the Rainy Day Fund. The first deposit this fiscal year is $10.2 million.

Recipe tables are available on the OMES website.

As the primary operating fund of the state government, the GRF is the key indicator of the state government’s fiscal position and the main source of funding for the state’s annual budget. GRF collections are revenues that remain for the state budget after rebates, refunds, other mandatory apportionments, and after sales and use taxes have been returned to municipalities. In contrast, gross collections, reported by the state treasurer, are all receipts remitted to the Oklahoma tax commission.

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