OKLAHOMA CITY (OBV) – Oklahoma’s General Revenue Fund collections for fiscal year 2023 surpassed expectations by an extremely large margin, and the Rainy Day Fund is at a record high, according to Gov. Kevin Stitt’s office.
General Revenue Fund (GRF) collections for FY2023 amounted to $9 billion, approximately $1.6 billion (21 percent) above the expected estimate. The total is also $493.7 million (5.8 percent) above the prior year’s collection for the same period.
“Not only does this accomplishment stand as a testament to the benefit of our conservative fiscal policies, it represents the strength of our economy, the success of our businesses, and the hard work of Oklahomans,” Stitt said. “Oklahomans know how to spend their money better than the government, so let’s leave more in their pocket. With a record $1.3 billion in the Rainy Day Fund and continued growth in our savings, there has never been a better time to cut taxes.”
A constitutionally-required limit of the 15 percent of the prior year’s total general revenue collections – in this case, $222.9 million – was transferred to the Rainy Day Fund, binging that fund’s total to a record $1.3 billion.
“We’re proud to have achieved another record-breaking year for revenue collections, enabling us to make a sizable deposit to the Constitutional Reserve Fund (Rainy Day Fund),” said State COO and OMES Executive Director John Suter. “This strong finish to FY 2023 indicates a stable foundation for our future efforts and the citizens we serve.”
The GRF is the state government’s primary operating fund. It is also the prime indicator of the state’s fiscal status, and it funds the annual appropriated state budget.
“GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the state treasurer, are all revenues remitted to the Oklahoma Tax Commission,” a governor’s office news release states.
Graphs detailing Oklahoma’s GRF collection data are featured below.