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Posted: Aug 08, 2019 3:42 PMUpdated: Aug 08, 2019 4:11 PM
Final 2019 FY Revenues in 5.5 Percent Above Estimate
According to the Oklahoma Office of Management Enterprise Services, General Revenue Fund collections in June were $679.4 million and came in 1.5-percent below the monthly estimate.
This amount is $52.5 million above collections in June of 2018. Total collections for the 2019 fiscal year were $6.86 billion and came in at $354.6 million (5.5-percent) above the 2019 fiscal year estimate and $1 billion (17.2-percent) above the prior year's collections.
Governor Kevin Stitt said Thursday that this is the first time in Oklahoma's history that the Rainy Day Fund has exceeded $800 million. He said that this is a huge milestone, but that they have to remember that the dollars represent only slightly more than one month's worth of expenses, which is why he set a $2 billion in savings to be prepared for the next inevitable economic downturn.
For more information, you can review the OMES's report here.
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