Budget & Tax , Economy

Curtis Shelton | May 16, 2018

A look at the April economic report

Curtis Shelton

The Oklahoma Treasurer’s monthly economic report was released this week highlighting April revenue collections. The Treasurer’s report shows a breakdown of total gross receipts collected for the month along with a breakdown of various economic measures for the state of Oklahoma.

Total gross receipts collected for April came in at $1.404 billion—a 15.4%, or $187 million, increase for the same month from the prior year. Of this increase, only $34.6 million came from legislative changes (tax or fee increases) with the remaining $152.4 million being attributable to economic growth. Similarly, General Revenue Fund (GRF) collections grew by $152.5 million from the previous year, with total collections coming in at $764.3 million.

Once again, the GRF beat the estimate. That makes this the seventh time this fiscal year the GRF has exceeded the estimate. Revenues collected for the GRF were a whopping 14% above April’s estimate. To date, the GRF has collected $283.93 million over the monthly estimate for this fiscal year. Ten months into the fiscal year, $10.11 billion in gross receipts have been collected since July. That marks a $1.02 billion, or 11%, increase for the same time period during the prior year. Likewise, the GRF has grown by $621 million, or 15%, from the prior year.

FY 2017 vs FY 2018 Total Gross Receipts

Note: These are preliminary numbers compiled from the Oklahoma Treasurer’s economic reports and press releases and the Oklahoma Office of Management and Enterprise Services (OMES) Monthly General Revenue Reports.

Curtis Shelton Policy Research Fellow

Curtis Shelton

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.

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