OKLAHOMA CITY — Deposits to the state’s general revenue fund remained strong in February, the Office of Management and Enterprise Services said Tuesday.
The general revenue fund is the state’s primary operating account.
OMES Executive Director Steven Harpe, the state’s chief operating officer, said general revenue receipts for the month totaled $442.6 million, 27.6% above the estimate and 26.5% above the same month a year ago.
“Our positive economic momentum continues as collections exceed estimates across income, sales, gross production and use taxes,” said Harpe. “This advancement is an encouraging indication of our fiscal resilience as we increase savings and witness strong economic growth across the state.”
Income tax collections were particularly strong, coming in at $129.4 million, 172% above projections.
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Sales tax receipts, the state’s other primary revenue source, contributed $178.2 million, 5.9% above projections.
Gross production tax receipts, at $72 million, beat expectations by 20.3%, and use taxes were 12.7% above the estimate at $31.7 million.
Total general revenue fund collections through the first eight months of fiscal year 2022 are $5.1 billion, which is $904.6 million — or 21.6% — above the estimate and $794.9 million — or 18.5% — above prior year collections for the same period.
