Budget & Tax
Curtis Shelton | December 13, 2018
November 2018 shows state on track for a surplus
The Oklahoma State Treasurer, along with the Oklahoma Office of Management and Enterprise Services (OMES), released their monthly report for November 2018 revenue collections.
Total Gross Receipts collected in November 2018 were $1.03 billion—an increase of 15.7 percent, or $140 million, from the same month in the prior year. Record highs have now been set during each of the four months of this fiscal year. The General Revenue Fund (GRF) grew 28.6 percent from the previous year, coming in at $502 million.
The GRF came in above the estimate by 17.5 percent—by far the largest difference for this fiscal year. For the fiscal year, GRF collections are now $96 million ahead of the estimate. This estimate is what lawmakers used to determine the current state budget.
New revenue from House Bill 1010xx amounted to $61.6 million, or 44 percent, of the total growth for the month. The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $37.8 million. The $1 increase in a pack of cigarettes brought in $13.6 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $10.1 million. So far, economic growth has accounted for 72 percent of the growth in collections while legislative changes have amounted to 28 percent of that growth.
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.