Dec. 11, 2018
Lagging oil prices not expected to hit GRF until January
OKLAHOMA CITY — General Revenue Fund collections in November were $502.2 million and came in at $75.0 million, or 17.5 percent, above the monthly estimate. This amount is $111.5 million, or 28.6 percent, above collections in November of 2017, which is mostly due to law changes that took effect this year. Total collections over the first five months of the fiscal year are $95.4 million, or 4.0 percent, above the estimate to date and $314.1 million, or 14.6 percent, above prior year collections.
"Regarding GPT, the lag between production and collections is usually about two months and the November collections reflect prices from September when West Texas Intermediate Crude Oil (WTI) prices averaged $70 per barrel," said Office of Management and Enterprise Services Director Denise Northrup. "So the returns we are looking at for this month aren't reflecting the falling oil prices we are seeing right now."