• Contact
Saturday, June 21, 2025
  • Login
Oklahoma Business Voice
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Preparations underway for 2028 Summer Olympics in OKC

    Preparations underway for 2028 Summer Olympics in OKC

    NEW YORK, USA, JUN 18, 2020: Oklahoma City Thunder Basketball club on the white screen. Silhouette of NBA trophy in foreground.

    Oklahoma City Council approves agreements to keep Thunder in OKC

    Downtown Tulsa Oklahoma Skyline Route 66

    Oklahoma Business Roundtable delves into Business Leaders Poll results

    Photo from Greater OKC Chamber

    InternOKC continues equipping young Oklahomans with skills to succeed

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Preparations underway for 2028 Summer Olympics in OKC

    Preparations underway for 2028 Summer Olympics in OKC

    NEW YORK, USA, JUN 18, 2020: Oklahoma City Thunder Basketball club on the white screen. Silhouette of NBA trophy in foreground.

    Oklahoma City Council approves agreements to keep Thunder in OKC

    Downtown Tulsa Oklahoma Skyline Route 66

    Oklahoma Business Roundtable delves into Business Leaders Poll results

    Photo from Greater OKC Chamber

    InternOKC continues equipping young Oklahomans with skills to succeed

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News Finance
Oklahoma’s tax climate improving

Oklahoma’s FY 2024 revenue exceeds expectations, but behind last year’s record high

Hicham Raache by Hicham Raache
August 20, 2024
in Finance, News, Taxes & Budget
Reading Time: 2 mins read
Share on FacebookShare on Twitter

OKLAHOMA CITY (OBV) – Oklahoma’s fiscal year 2024 revenue exceeded expectations, but came in below last fiscal year’s record high.

FY 2024’s General Revenue Fund collections came in at approximately $8.5 billion.

That amount is $177.7 million (2.1 percent) above the projected estimate, according to officials with the Oklahoma Office of Management & Enterprise Services (OMES).

However, this fiscal year’s revenue is $547.2 million (6.1 percent) below the previous year’s all-time high record collections.

“In the wake of two consecutive years of record collections, total general revenue collections from fiscal year 2024 still pulled ahead of the estimate and enabled additional deposits into state savings accounts,” said Katie DeMuth, interim director of OMES. “These reserves position the state to enter the new fiscal year with a strong foundation.”

FY 2024 registered $262.2 million in deposits to the Revenue Stabilization Fund and $91.3 million in deposits to the Constitutional Reserve (Rainy Day) Fund. The combined balance in both funds is slightly above $2 billion.

Total General Revenue Fund collections for June were $753.3 million – $84.2 million (10.1 percent) below the monthly estimate after $154.9 million in collections was deposited into state reserve funds.

This past June’s GRF collections are $113.4 million (13.1 percent) below collections from June 2023.

June 2024 saw a $130.2 million deposit to the Revenue Stabilization Fund and a $24.7 million deposit to the Rainy Day Fund, bringing the current balances to $663.6 million and $1.3 billion, respectively.

The GRF is the state government’s main operating fund, serving as a key indicator of the state’s fiscal status and the predominant funding source for 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,” OMES officials said. “In contrast, gross collections, reported by the state treasurer, are all revenues remitted to the Oklahoma Tax Commission.”

Tags: Fiscal Year 2024FY 2024General Revenue FundGRFOklahoma Office of Management & Enterprise ServicesOMESRainy Day FundRevenue Stabilization Fund
ShareTweetShare
Previous Post

National Civics Bee-sponsored competition this week in Oklahoma City

Next Post

Tulsa International Airport breaks ground on James M. Inhofe Air Traffic Control Tower Complex

Related Posts

Preparations underway for 2028 Summer Olympics in OKC
News

Preparations underway for 2028 Summer Olympics in OKC

June 20, 2025
NEW YORK, USA, JUN 18, 2020: Oklahoma City Thunder Basketball club on the white screen. Silhouette of NBA trophy in foreground.
News

Oklahoma City Council approves agreements to keep Thunder in OKC

June 18, 2025
Downtown Tulsa Oklahoma Skyline Route 66
News

Oklahoma Business Roundtable delves into Business Leaders Poll results

June 17, 2025
Photo from Greater OKC Chamber
News

InternOKC continues equipping young Oklahomans with skills to succeed

June 17, 2025
A rendering of what Kratos' facility in Bristow will look like. Image from Kratos
Aerospace

Kratos to build new jet engine production facility in Oklahoma

June 16, 2025
Image of Oklahoma City downtown skyline from drone
News

OESC: Bill signed by Gov. Stitt gives Oklahoma employers tax relief

June 16, 2025
Next Post
Tulsa International Airport breaks ground on James M. Inhofe Air Traffic Control Tower Complex

Tulsa International Airport breaks ground on James M. Inhofe Air Traffic Control Tower Complex

Oklahoma Business Voice

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

Navigate Site

  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.