Oklahoma revenue tops first-quarter estimate by $154.7 million

Oklahoma’s preliminary General Revenue Fund collections reached $2.0442 billion through September, $154.7 million, or 8.2%, above the estimate for the first quarter of fiscal 2027. The total was $67.2 million, or 3.4%, higher than collections in the same period a year earlier.

The result turned on September. The state collected $924.2 million that month, exceeding its $753.9 million estimate by $170.3 million, or 22.6%. That monthly gain more than offset the roughly $15.6 million the fund had fallen short of expectations through August.

The September total was also 20.1% higher than collections in September 2025. The comparisons show a strong end to the quarter, but a single month’s result does not establish that revenue will continue at the same pace.

Income taxes accounted for much of September’s gain

Net income taxes made up much of September’s above-estimate total. Individual income tax collections were $136.9 million above that month’s estimate. Corporate income tax collections moved the other way, finishing $6.6 million below estimate. For the full quarter, net income taxes were $106.1 million above estimate; that amount applies to income taxes, not the General Revenue Fund’s total quarterly surplus over estimate.

Revenue sources moved in different directions

Results varied beyond income taxes. First-quarter sales tax collections were 5.5% higher than a year earlier, and use tax collections rose 27.1%. Gross production collections, in contrast, declined 9.0% from the prior-year period and finished 20.1% below estimate. The overall fund total therefore masks differences among its revenue sources.

OMES Director Mark Wood attributed some of September’s unusually high result to timing factors and said longer-period comparisons help account for monthly fluctuations. That is his explanation for part of the monthly movement; the revenue figures do not quantify how much timing contributed.

The Office of Management and Enterprise Services labels the figures preliminary. It says other-source revenue remains estimated pending final accounting, and totals may not sum because of rounding.

The figures track Oklahoma’s General Revenue Fund, the state’s main budget fund. Collections above estimate describe the fund’s revenue performance, not a budget surplus or a change in appropriations. A subsequent OMES revenue report will update collections for the next period.