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Sept. 16, 2015
August GRF receipts miss estimate by 5.3 percent
Yearly collections close to FY 2016 estimate and just above last year
OKLAHOMA CITY — General Revenue Fund (GRF) collections came in 5.3 percent
below projections in August, signaling the continued effects of 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 appropriated state budget. GRF collections 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 before rebates, refunds and mandatory
apportionments.
Because receipts exceeded the estimate in July, GRF
collections of $825 million for the first two months of the fiscal year were
still $4.6 million, or 0.6 percent, above prior year collections. July and
August collections also finished $345,400 above the two-month estimate upon
which the FY 2016 appropriated state budget was based.
“We’re where we thought we would be after two months,” said
Secretary of Finance, Administration and Information Technology Preston L.
Doerflinger. “It’s going to be very interesting to see how revenues come in for
the next few months amid the ongoing oil price challenge. Our focus is on
whether revenues meet estimates because falling more than 5 percent off the
estimate for the year for too long means automatic budget reductions could
occur. We’ll see. Everyone should closely watch oil prices and production,
state employment levels and how GRF collections square with the official
estimate.”
Doerflinger is director of the Office of Management and Enterprise
Services, which issues the monthly GRF reports.
Major tax categories in August contributed the following amounts to the
GRF:
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Total income tax collections of $156.5 million were $3.3 million, or 2.2 percent,
above the estimate and $62.2 million, or 66 percent, above the prior
year.
Individual income tax collections of $138.5 million were $14.3 million, or
9.4 percent, below the estimate and $44.2 million, or 46.9 percent, above
the prior year.
Corporate income tax collections of $18 million were $17.7 million, or
5,895.2 percent, above the estimate. Corporate collections in August 2014
were entirely paid out in refunds and no contribution was made to the GRF.
-
Sales tax collections of $161.7 million were $18 million, or 10 percent,
below the estimate and $10.6 million, or 6.1 percent, below the prior
year.
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Gross production tax collections of $8.5 million were $12.8 million, or 60.1
percent, below the estimate and $2.1 million, or 19.9 percent, below the
prior year.
All GRF contributions for the month of August came from gross production
gas collections. No collections were expected from gross production oil
taxes since the first $150 million from this source is dedicated to
specific funds, primarily education.
-
Motor vehicle tax collections of $17.3 million were $328,000, or 1.9 percent, below
the estimate and $2.2 million, or 14.3 percent, above the prior year.
-
Other revenue collections of $63.1 million were $4.9 million, or 8.4 percent,
above the estimate and $485,900, or 0.8 percent, below the prior year.
Monthly
revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/August_2015_Financial_Report_Data_Tables.html.
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