Budget & Tax
Curtis Shelton | November 15, 2018
October 2018 gross receipts set a record high
The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released the report for October 2018 revenue collections.
Total Gross Receipts collected in October 2018 were $1.14 billion—an increase of 16.1 percent, or $158.3 million, from the same month in the prior year. Record highs have been set for all four months of this fiscal year. The General Revenue Fund grew 7.9 percent from the previous year, coming in at $545.1 million.
The General Revenue Fund (GRF) came in above the estimate by 2 percent. This is the second time this fiscal year the GRF was above the estimate. For the fiscal year, GRF collections are $22.80 million ahead of the estimate. This estimate is what lawmakers used to determine the current state budget.
Year-over-year growth in Total Gross Receipts has been more than $100 million in each month of this fiscal year. For the fiscal year to date, economic growth has accounted for 76 percent of the growth in collections, while legislative changes have amounted to 24 percent of that growth. For October 2018, new revenue from HB 1010xx amounted to $55.3 million, or 35 percent, of the total growth. The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $30.8 million. The $1 increase in a pack of cigarettes brought in $13.2 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $11.3 million.
Note: These 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.