Budget & Tax
Curtis Shelton | August 23, 2018
A look at July revenue collections
The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released their monthly report for July’s revenue collections.
Total gross receipts collected for July came in at $1.03 billion—a 10.9%, or $100.6 million, increase for the same month from the prior year. As this is the first month of the fiscal year, legislative changes made during the 2018 session have not yet affected collections. Similarly, the General Revenue Fund grew by 9.2% from the previous year coming in at $449.1 million.
Despite the 9.2% increase from the prior year, the General Revenue Fund (GRF) missed the estimate by 2.1%. This is the first time in five months that the GRF failed to beat the estimate.
This 9.2% increase in the GRF amounts to a $37.80 million increase compared to last July. At $449.1 million, this is the highest total collected by the GRF in the month of July since fiscal year 2015.
It is important to remember, however, that the GRF usually accounts for about half of the total revenue collected by the state. So even though the GRF received less in fiscal year 2019 than in fiscal year 2015, total gross receipts for July of fiscal year 2019 surpassed total gross receipts for July of fiscal year 2015 by $35.28 million.
There is reason for optimism about Oklahoma’s economy. As Oklahoma State Treasurer Ken Miller put it, “Economic expansion is clearly driving the growth we see in Gross Receipts to the Treasury,” Miller said. “Continued improvement in state employment, notably in the oil fields, and positive numbers in other economic indicators are continued signs of ongoing growth.”
Note: The figures represented in this post are preliminary numbers compiled from the Oklahoma State Treasurer’s economic reports and press releases and OMES Monthly General Revenue Reports.
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.