Budget & Tax
Curtis Shelton | June 21, 2018
A look at the May economic report
The Oklahoma Treasurer’s Office released its monthly economic report this week highlighting May revenue collections. The Treasurer’s report shows total gross receipts collected for the month along with various economic measures for the state of Oklahoma.
Total gross receipts collected for May were $970.9 billion, a 6.1%, or $55.9 million, increase for the same month from the prior year. Of this increase, $33.8 million came from new legislative changes; the remaining $22.10 million came from economic growth. Similarly, the General Revenue Fund (GRF) grew by $112.30 million from the previous year, for a total of $497.8 million.
Once again, the GRF beat the estimate. This is the eighth month out of eleven so far in this fiscal year the GRF has exceeded the estimate. Revenues collected for the GRF were nearly 20% above June’s estimate. To date, the GRF has collected $382.49 million more than the estimates for this fiscal year.
Eleven months into the fiscal year, $11.08 billion in gross receipts have been collected. That marks a $1.07 billion, or 11% increase, for the same time period during the previous year. Likewise, the GRF has grown by $733 million, or 16%, from the prior year.
At $11.08 billion, total gross receipts for this fiscal year have already surpassed last year’s total by $600 million. With one month left, fiscal year 2018 is on pace to have the highest total gross receipts collected in the last four years.
Note: These are preliminary numbers compiled from the Oklahoma Treasurer’s economic reports, 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.