Oklahoma’s general revenue fund collected about $8.5 billion over Fiscal Year 2024. And its two main savings accounts contain just over $2 billion.
OMES Interim Director Katie DeMuth said in a press release Wednesday the combined revenues and reserves give Oklahoma a strong foundation entering Fiscal Year 2025.
The total general revenue collections for this year are 2.1% above estimates made by officials, but 6.1% below last year’s all-time record high of $9 billion.
While projections look good, Oklahomans can expect state sales tax revenues to drop by about $370 million this time next year as a result of the state’s portion of the tax on groceries being cut.
Some Republican lawmakers, including Gov. Kevin Stitt, also hope to slash the state’s income tax, which accounts for more than a third of the General Revenue Fund.
Members of the Senate, led by outgoing Pro Temp Greg Treat, R-Oklahoma City, stifled House of Representatives’ efforts when they left it out of their proposed budget resolution and remained firmly against cutting revenues any further.
Both House Speaker Charles McCall, R-Atoka, and Treat are term-limited and can’t serve again. The state income tax cut, however, remains on the table despite Stitt negotiating it away for other budgetary gains this year.
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