The state’s general revenue fund receipts exceeded expectations by a whopping 33% in November, the Office of Management and Enterprise Services reported this week.
All major revenue categories logged strong gains, with gross production taxes for oil and gas leading the way.
Those came in at nearly 120% above the fiscal year 2022 budget estimate, at $91.8 million. That’s nearly seven times the amount received during the same month a year ago.
The two largest revenue sources, income and sales taxes, were also substantially above the same month a year ago and above the budget estimate.
Net income tax receipts were 36.5% above the estimate to $216.8 million.
At $203.2 million, sales taxes to the state were $18.5% above the estimate. Use taxes, which are essentially a form of sales tax on items bought out of state, were another $35.2 million, or 9.3% above the estimate.
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General revenue for November totaled $600.7 million.
For the first three months of FY 2022, general revenue is just under $3 billion, or $441.3 million more than the estimate upon which the budget year is based.
The general revenue fund is the state’s principal operating account. It includes tax receipts not collected on behalf of local governments, returned to taxpayers as refunds and rebates, or directly apportioned for specific purposes.
