Governor Stitt Announces FY 23 Revenue Exceeds Expectations, Deposit Made to Rainy Day Fund

Governor Stitt announced today the General Revenue Fund collections for fiscal year 2023 exceeded expectations and totaled $9 billion, which is approximately $1.6 billion, or 21.2%, above the estimate, and $493.7 million, or 5.8%, above prior year collections for the same period.

"Not only does this accomplishment stand as a testament to the benefit of our conservative fiscal policies, it represents the strength of our economy, the success of our businesses, and the hard work of Oklahomans," said Governor Stitt. "Oklahomans know how to spend their money better than the government, so let's leave more in their pocket. With a record $1.3 billion in the Rainy Day Fund and continued growth in our savings, there has never been a better time to cut taxes."

A constitutionally required transfer to the Rainy Day Fund of $222.9 million, meeting the constitutional limit of 15% of the prior year’s total general revenue collections, brings the Rainy Day Fund’s total to a record $1.3 billion.

"We're proud to have achieved another record-breaking year for revenue collections, enabling us to make a sizable deposit to the Constitutional Reserve Fund (Rainy Day Fund)," said State COO and OMES Executive Director John Suter. "This strong finish to FY 2023 indicates a stable foundation for our future efforts and the citizens we serve."

For the month of June, Total Income Tax came in at 45% above estimates and 9.1% over prior year collections, while Gross Production Tax collections came in at 26.3% below estimates and 44.3% below prior year actual collections.

As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the state treasurer, are all revenues remitted to the Oklahoma Tax Commission.