Budget & Tax
Curtis Shelton | October 17, 2018
September 2018 sets record revenue collections
The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released their monthly report for September 2018 revenue collections.
Total Gross Receipts collected in September 2018 set a record high of $1.15 billion—an increase of 14.1%, or $141.4 million, from the same month in the prior year. Record high revenue collections have now been set during the first three months of this fiscal year. The General Revenue Fund (GRF) grew 7.9% from the previous year, coming in at $545.1 million.
The GRF came in below the estimate by 1.5%. This is the second time this fiscal year the GRF was below the estimate. Total GRF collections for the fiscal year, however, are $12.4 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 for each month of this fiscal year. New revenue from House Bill 1010xx amounted to $48.7 million, or 34%, of the total growth for the month. The change in the Gross Production Tax from 2% to 5% brought in the largest amount of new revenue at $31.2 million. The dollar increase in a pack of cigarettes brought in $9.3 million, while the 6 cent increase in the diesel fuel tax brought in the smallest amount at $8.3 million. So far in fiscal year 2019, economic growth has accounted for 81% of the growth in collections, while legislative changes have amounted to only 19% 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.
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.