General revenue slows but still beats expectations
, 2022-12-18 00:00:00,
state finances: Deposits to the Oklahoma General Revenue Fund continued to be above expectations in November, but not as much as in recent months, the Office of Business Administration and Services reported.
The total for November was $602.6 million, 11.2% more than budgeted but only 0.3% higher than the same month of the previous year.
“Collections performed well in November, but have started to trend down along with the broader economy,” state director of operations and OMES acting director John Suter said in a news release. “We have to keep in mind that prices are rising steadily, and with the Federal Reserve aggressively raising interest rates since February, unemployment is also on a slight rise.”
For the first five months of fiscal year 2023, overall revenue is nearly 25% above the projections on which the current state budget is based.
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