Budget & Tax

Energy price declines yet to impact state collections

February 26, 2019

Curtis Shelton

The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released their monthly report for January 2019 revenue collections.

Total Gross Receipts collected in January 2019 were $1.24 billion—an increase of 8.9 percent, or $101 million, from the same month in the prior year. The General Revenue Fund (GRF) grew 19.9 percent from the same month the previous year, collecting $715 million.

The GRF came in above the estimate by 8.8 percent, the second highest mark for fiscal year 2019. Currently, the GRF has collected $3.8 billion and has grown by half a billion dollars compared to last year. For the 2019 fiscal year, GRF collections are now $204 million ahead of the estimate. This estimate is what lawmakers used to determine the current state budget.

The decline in oil and gas prices have yet to impact state collections, but gross production numbers will most likely decline in the next few months.

Sources:

https://www.ok.gov/treasurer/Economic_Reports/index.html

https://omes.ok.gov/media-room/monthly-general-revenue-reports