OMES releases FY 24 state revenue projections

OKLAHOMA CITY (KFOR) - The Oklahoma Office of Management and Enterprise Services (OMES) the government agency responsible managing and supporting the basic functioning of the government of Oklahoma release its FY 24 state revenue tally on Wednesday with funds exceeding above $2 billion.

According to OMES, the 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," “These reserves position the state to enter the new fiscal year with a strong foundation.”

Katie DeMuth, interim director of OMES

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. OMES leadership confirmed, 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.

To view the Revenue tables, click here.