Budget & Tax
Curtis Shelton | March 16, 2018
A look at February's economic report
The Oklahoma Treasurer’s monthly economic report, released this week, highlights February revenue collections. The report provides a breakdown of total gross receipts collected during the month along with various economic indicators for the state of Oklahoma.
Total gross receipts collected by state government in February were $877.30 million, which is a 15.5% or $117.80 million increase from the same month in the prior year. Only $31.70 million of this increase came from legislative changes; the remaining $86.10 million was the result of economic growth. Similarly, general revenue fund collections grew by $46.20 million from the previous year, to a total of $294.2 million. This was the first month since September when the General Revenue Fund did not beat the estimate. Revenues collected for the General Revenue Fund were almost exactly on target, just 0.7% below February’s estimate.
To date, the General Revenue Fund has collected $154.2 million more than the estimate for this fiscal year. In total for this fiscal year, the state has received $7.7 billion in gross receipts. That is a $761.20 million, or 11%, increase for the same time period in the prior year. Likewise, the General Revenue Fund has $415 million more, or 13%, than at this point in the prior year.
*These are preliminary numbers compiled from the Oklahoma Treasurer’s economic reports and press releases.
Policy Research Fellow
Curtis Shelton currently serves as a policy research fellow for OCPA with a focus on fiscal policy. Curtis graduated Oklahoma State University in 2016 with a Bachelors of Arts in Finance. Previously, he served as a summer intern at OCPA and spent time as a staff accountant for Sutherland Global Services.