(The Center Square) – Oklahoma collected $1.6 billion over estimates in fiscal year 2023, a 21.2% increase, Gov. Kevin Stitt said Thursday.
The $9 billion collection is also $493.7 million over last year’s estimates.
Stitt hinted in a press release at a possible push for tax breaks.
“Not only does this accomplishment stand as a testament to the benefit of our conservative fiscal policies, it represents the strength of our economy, the success of our businesses, and the hard work of Oklahomans,” Stitt said. “Oklahomans know how to spend their money better than the government, so let’s leave more in their pocket. With a record $1.3 billion in the Rainy Day Fund and continued growth in our savings, there has never been a better time to cut taxes.”
A message to Stitt’s office was not immediately returned.
The governor proposed the elimination of the grocery tax before the 2023 session. Lawmakers did not pass one. Stitt said in May he would consider calling lawmakers back for a special session.
“You should give some of that back to the taxpayer,” Stitt said when asked about the state’s excess revenue in May. “The fact that we weren’t able to get that done, to me, is just unbelievable.”
The state’s rainy day fund received $222.9 million, bringing the total amount to $1.3 billion, a record high, according to Stitt.
“This strong finish to FY 2023 indicates a stable foundation for our future efforts and the citizens we serve,” said chief operating office and OMES executive director John Suter.
This article First appeared in the center square