OKLAHOMA CITY (Aug. 14, 2024) – General Revenue Fund collections for the month of July – the first month of fiscal year 2025 – totaled $620 million, which is $10.8 million, or 1.8%, above the monthly estimate. This is $17 million, or 2.8%, above collections in July 2023.
“Our state’s general revenue collections are off to a strong start this fiscal year, coming in slightly higher than the estimate and even surpassing last year’s numbers,” said Katie DeMuth, interim director of OMES. “In the coming months, we’ll closely monitor the impact of the grocery tax cut, but we expect the state’s revenue to continue performing in line with projections as the year progresses.”
The state anticipates the grocery tax cut recently authorized by House Bill 1955 will affect sales tax revenue collections starting in September.
General revenue apportionments from oil gross production tax (GPT-oil) collections are expected to begin by October after other funds receiving apportionments from GPT-oil hit their caps.
July 2024 revenue tables are available on the OMES website.
