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August general revenue exceeds expectations by 20% in Oklahoma
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August general revenue exceeds expectations by 20% in Oklahoma

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August’s deposits to the state’s main operating fund exceeded projections by more than 20%, officials said Tuesday.

“August was a very solid month, as state revenue sources remained strong,” state Chief Operating Officer and Office of Management and Enterprise Services Executive Director Steven Harpe said in a written statement. “Not only has the oil and gas industry continued to recover, but we are also encouraged by income tax collections and a decrease in the state’s unemployment numbers.”

General revenue fund collections in August totaled $541.6 million, which is $91.2 million, or 20.3%, above the estimate upon which the state’s fiscal year 2022 budget is based.

The state’s two primary revenue sources, income and sales taxes, totaled $417.3 million in August and beat expectations by a combined $63.6 million, or 18%.

Gross production tax receipts to general revenue were 85% higher than projected, at $37.3 million, and were nearly four times the amount received in August 2020.

At this stage of the fiscal year — just two months in — gross production taxes’ contribution to general revenue is entirely from natural gas. That’s because the first $150 million in oil gross production tax receipts is directly apportioned, mostly for purposes related to education.

Total general fund deposits through the first two months of FY 2021 are actually down about 10% from the same period in FY 2021, but that’s because of a pandemic-related anomaly that resulted in a large share of calendar year 2019 income taxes being paid in FY 2021 instead of FY 2020, as would usually be the case.

All revenue sources except income taxes are a combined $125 million ahead of the first two months of FY 2021, according to Tuesday’s report.

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