Budget & Tax, Economy
A look at the April economic report
May 16, 2018
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.
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.