The Oklahoma Office of Management and Enterprise Services (OMES) released its annual report for the just-completed fiscal year’s General Revenue Fund. Using the data from this report, as well as the monthly treasurer's reports, OCPA provides a breakdown of revenue collections for fiscal year 2018.
Total revenue collected for the General Revenue Fund (GRF) in fiscal year 2018 was $5.85 billion. This is an $812 million, or 16.1%, increase over the previous fiscal year. However, it is important to remember that the GRF only accounts for about half of all revenue collected by the state. Total revenue collected in fiscal year 2018 totaled $12.2 billion—a new record. Total revenue collections grew by $1.16 billion, or 11%, from fiscal year 2017 to fiscal year 2018.
For fiscal year 2018, the GRF beat the monthly estimate by $453.33 million, or 8.4%. The GRF beat the monthly estimate nine out of twelve months during the year compared to only four times during the previous fiscal year.
Another interesting note from the OMES press release shows that all the growth compared to the estimate came from the income and sales tax. These are two of the broadest revenue sources for the state, and they are a barometer for the overall health of the state’s economy. For fiscal year 2018, each of these revenue sources grew by over 7%—a good sign for Oklahoma’s continued economic recovery. Revenue from the sales tax has shown year-over-year growth for the past twelve months.