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.”
