State General Revenue Fund (GRF) collections in March totaled $489.3 million, which is $16.4 million, or 3.5%, above the monthly estimate. This was only $5.3 million, or 1.1%, below collections in March of 2020. Total GRF collections through the first nine months of fiscal year 2021 are $4.8 billion, which is $27.5 million, or 0.6%, above the estimate, and $94.1 million, or 2%, above prior year collections for the same period. March tax and fee revenue collections exceeded estimates by 3.5% and were bolstered primarily by income taxes and natural gas tax collections. Year-to-date collections continue to track just above estimates at 0.6%. Sales tax and oil tax collections remain weak categories with sales tax falling below estimates for the last five months and oil collections missing estimates for all months in the fiscal year. “Oklahoma continues to exceed year-to-date collection estimates. As life starts to return to normal, post-pandemic, we hope to see this economic momentum continue forward,” said OMES Executive Director Steven Harpe. “These financial indicators show us Oklahoma’s recovery plan is on track and making great strides.”
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On February 16, the Board of Equalization, chaired by Gov. Kevin Stitt, voted to approve $9,640,475,940 in revenue to be appropriated by the Legislature for Fiscal Year 2022, an increase of $1,807,310,758 over appropriated expenditures for FY 2021. “Other states are waking up to the reality of huge budget deficits, but Oklahoma’s economy is strong thanks to the balanced approach we took to address the pandemic and the Legislature’s wise decision not to spend all of the authorized amount last year,” said Gov. Stitt. “Keeping businesses open and getting COVID vaccines out quickly and efficiently has proven critical to keeping our head above water. Moving forward, my top budget priorities for FY 2022 are to deliver taxpayers more for their money and to invest in our fellow Oklahomans to fully unlock our full economic potential.” The estimate includes $1.7 billion in one-time cash or non-recurring revenue. Gov. Stitt believes the State of Oklahoma should use the non-recurring revenue to significantly replenish its savings account to be prepared for any future downturns and strategically invest in infrastructure projects to help grow the economy. They also voted at the meeting to approve a Constitutional limit on appropriations for FY 2022 of $7,908,933,430 which restricts expenditures from certified funds and cash. Democrats Charge Racism to Distract from Their Agenda Thursday 6th of May 2021 Oklahoma Struggles with McGirt Decision Thursday 6th of May 2021 Electronic Voting Fails at State Republican Convention Thursday 6th of May 2021 State GOP Convention Contends with Electronic Voting and Elects Leaders Thursday 6th of May 2021 Will We Learn from Frigid 2021? Thursday 6th of May 2021 EPIC Charter Schools Reaches Settlement Allowing Continued Operation Thursday 6th of May 2021 SEX EDUCATION Encouraging Transgender Options for Students Thursday 6th of May 2021 Oklahoma Legislature Unveils Redistricting Plans Thursday 6th of May 2021 |
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