The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released their monthly report for August’s revenue collections.

Total Gross Receipts collected in August were $995.1 million—an increase of 13.1%, or $115.4 million, from the same month in the prior year. Similarly, the General Revenue Fund grew 9.9% from the previous year, coming in at $454.6 million.

The General Revenue Fund (GRF) beat the estimate by 6.6%. This is the first time this fiscal year the GRF estimate was beaten. Since July (the first month of the 2019 fiscal year), GRF collections were 2.1% below the estimate. Combining July and August, GRF collections for the new fiscal year are now $20.6 million ahead of the estimate. This estimate is what lawmakers used to determine the current state budget.

Total Gross Receipts have produced over $100 million in year-over-year growth despite the record-breaking collections brought in last year. August marks the first month of new revenue from legislative changes made during the 2018 session. New revenue from legislative changes amounted to $18.3 million, or 16%, of this month’s growth. As Oklahoma State Treasurer Ken Miller states, “Clearly, Oklahoma is doing much more than ‘fine’ with gross receipts expanding at a double-digit pace, even when recent state tax increases are taken out.”

Note: These are preliminary numbers compiled from the Oklahoma State Treasurer’s economic reports and press releases and OMES Monthly General Revenue Reports.