Budget & Tax

Report shows tremendous revenue collections before 2019 legislative session

January 29, 2019

Curtis Shelton

The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released their monthly report for December 2018 revenue collections.

Total Gross Receipts collected in December 2018 were $1.15 billion—an increase of 11.8 percent, or $135 million, from the same month in the prior year. The General Revenue Fund (GRF) grew 21.1 percent from the previous year, collecting $621 million.

The GRF came in above the estimate by 8.8 percent, the second highest mark for this fiscal year. For the fiscal year, GRF collections are now $146 million ahead of the estimate. This estimate is what lawmakers used to determine the current state budget.

New revenue from House Bill 1010xx amounted to $62.6 million, or 46 percent, of the total growth for the month. The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $38.5 million. The $1 increase in a pack of cigarettes brought in $14.6 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $9.5 million. So far, economic growth has accounted for 69 percent of the growth in collections while legislative changes have amounted to 31 percent of that growth.

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