May GRF receipts miss estimate by 9.8%
Economic diversification helping state revenues weather oil price decline
OKLAHOMA CITY — General
Revenue Fund (GRF) collections came in 9.8 percent below projections in May, further
signaling how state revenues are being affected by low oil prices and
corresponding energy sector adjustments.
As state
government’s main operating fund, the GRF is the key indicator of state
government’s fiscal status and the predominant funding source for the annual
state budget. GRF collections, reported by the Office of Management and
Enterprise Services (OMES), are revenues that remain for the appropriated state
budget after rebates, refunds and mandatory apportionments. Gross collections,
reported by the State Treasurer, are all revenues collected by the state prior
to rebates, refunds and mandatory apportionments.
May
GRF collections of $402.7 million were $43.7 million, or 9.8 percent, below the
official estimate upon which the Fiscal Year 2015 appropriated state budget is
based and $46.3 million, or 10.3 percent, below prior year collections.
With
one month remaining in FY 2015, total GRF collections stand at $5.2 billion,
which is $48.1 million, or 0.9 percent, below the estimate and $153.2 million,
or 3 percent, above the prior year.
“While
there are certainly challenges, Oklahoma’s ongoing economic diversification is
helping the state weather this latest oil price situation better than it has in
the past. Not too long ago, an oil price collapse like this would have caused a
more profound reduction in state revenues than it has today,” said Secretary of
Finance, Administration and Information Technology Preston L. Doerflinger. “Oklahoma,
including its state government, is better positioned to manage challenges like
this than it has been traditionally, and we are doing so.”
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in May contributed the following amounts to the GRF:
-
Total
income tax collections of $141.8 million
were $12.4 million, or 9.6 percent, above the estimate and $9.4
million, or 7.1 percent, above the prior year.
Individual income tax collections of $123.3 million were $349,571, or 0.3
percent, above the estimate and $9.1 million, or 6.9 percent, below the
prior year.
Corporate income tax collections of $18.5 were $12 million, or 185.2
percent, above the estimate. An unusually high amount of refunds last year
eliminated any contribution to the GRF in May 2014.
-
Sales
tax collections of $160.5 million
were $13.5 million, or 7.8 percent, below the estimate and $9.6 million,
or 5.7 percent, below the prior year.
-
Gross
production tax collections of $15.4
million were $33.8 million, or 68.8 percent, below the estimate and $39.8
million, or 72.1 percent, below the prior year.
Gas collections made no contribution to the GRF in May because of lower
collections and refunds.
Oil collections of $15.4 million were $7.8 million, or 33.7 percent, below
the estimate and $21.7 million, or 58.5 percent, below the prior
year.
-
Motor
vehicle tax collections of $14.4 million
were $2.9 million, or 16.9 percent, below the estimate and $3.4 million,
or 19.3 percent, below the prior year.
-
Other
revenue collections of $70.6 million
were $5.7 million, or 7.5 percent, below the estimate and $2.9 million, or
3.9 percent, below the prior year.
Monthly
revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/May_2015_Financial_Report_Data_Tables.html
Media Contact
JOHN ESTUS
Director of Public Affairs
(405) 521-3097 | john.estus@omes.ok.gov
 About the Office of Management and Enterprise Services
The Office of Management and Enterprise Services
provides financial, property, purchasing, human resources and
information technology services to all state agencies, and assists the
Governor’s Office on budgetary policy matters. Our mission: Supporting our partners through unified business services. For more information, visit OMES.OK.gov.
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