October GRF collections exceed monthly and YTD estimates despite sales tax shortfall

OKLAHOMA CITY (Nov. 12, 2024) – General Revenue Fund collections in October totaled $711.9 million, which is $24.5 million, or 3.6%, above the monthly estimate. This is $3.8 million, or 0.5%, below collections in October 2023. Total GRF collections for the first four months of fiscal year 2025 are $2.68 billion, which is $29.3 million, or 1.1%, above the estimate, and $13.6 million, or 0.5%, below prior year collections for the same period.

“The state’s General Revenue Fund is tracking closely with estimates as we enter the second quarter of the fiscal year,” said OMES Director Rick Rose. “October marked the first full month of collections impacted by the state grocery tax elimination, which is reflected in the decrease in overall sales tax revenue. Despite the sales tax shortfall, a stronger-than-anticipated contribution from individual income tax more than offset the gap. We will continue to closely monitor general revenue trends to assess the full impact of the grocery tax elimination as the fiscal year progresses.”

October 2024 revenue tables are available on the OMES website.

About the Office of Management and Enterprise Services

The Office of Management and Enterprise Services provides financial, property, purchasing, human resources and information technology services to all state agencies, and assists the Governor’s Office on budgetary policy matters. Our mission: Provide excellent service, expert guidance and continuous improvement in support of our partners’ goals. For more information, visit oklahoma.gov/omes.