OKLAHOMA CITY (Aug. 7, 2024) – General Revenue Fund collections for fiscal year 2024 were approximately $8.5 billion, which is $177.7 million, or 2.1%, above the estimate for the year and $547.2 million, or 6.1%, below the all-time high record collections of the previous year. In addition, fiscal year 2024 registered $262.2 million and $91.3 million in deposits to the Revenue Stabilization Fund and Constitutional Reserve (Rainy Day) Fund, respectively. The combined balance in both funds is slightly above $2 billion.
“In the wake of two consecutive years of record collections, total general revenue collections from fiscal year 2024 still pulled ahead of the estimate and enabled additional deposits into state savings accounts,” said Katie DeMuth, interim director of OMES. “These reserves position the state to enter the new fiscal year with a strong foundation.”
General Revenue Fund collections for the month of June totaled $753.3 million, which is $84.2 million, or 10.1%, below the monthly estimate after $154.9 million in collections was deposited into state reserve funds. This is $113.4 million, or 13.1%, below collections in June 2023. In the month of June, there was a $130.2 million deposit to the Revenue Stabilization Fund and a $24.7 million deposit to the Rainy Day Fund, bringing the current balances to $663.6 million and $1.3 billion, respectively.
