GRF receipts miss estimate by 3.3% in August
YTD receipts remain 6.6% above estimate
OKLAHOMA CITY — General Revenue Fund (GRF) collections in
August exceeded prior year collections by 2.4 percent while missing the monthly
estimate by 3.3 percent.
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. Made up of nearly 70 revenue sources, the
GRF is where all taxes flow except those dedicated to specific programs.
August GRF collections of $355.9 million were
$8.2 million, or 2.4 percent, above prior year collections and $12.1 million,
or 3.3 percent, below the official estimate upon which the FY 15 appropriated
state budget is based.
“August general revenue was adequate and would have been
much stronger if not for large refunds caused by amended tax returns,” said
Secretary of Finance, Administration and Information Technology Preston L.
Doerflinger.
Year-to-date GRF collections for the first
two months of FY 15 total $820.4 million, which is $63 million, or 8.3 percent, above prior year collections and $51 million, or 6.6 percent, above the
estimate.
“We’ve had a good start to the year because
our state economy continues to perform well and the noneconomic revenue issues that
caused losses last year haven’t had a major bottom line impact yet this year.
It’s still early, so stay tuned,” Doerflinger said.
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:
-
Total income tax collections
of $94.3 million were contributed entirely by individual income tax
collections and were $9.4 million, or 9.1 percent, below prior year
collections and $14.9 million, or 13.6 percent, below the estimate.
No corporate income tax collections were expected for the month based on
prior year trends in collections and rebates. However, both individual and
corporate collections would have been above the estimate if not for a single
large rebate paid in August as a result of an amended corporate income tax
return.
-
Sales tax collections
of $172.3 million were $8.9 million, or 5.4 percent, more than prior year
collections and $2.6 million, or 1.5 percent, above the estimate.
-
Gross production tax
collections of $10.6 million were $2.5 million, or 30.2 percent, more than
prior year collections and $1.2 million, or 10.2 percent, below the
estimate.
Natural gas collections constituted the full deposit to the GRF. No oil
collections were received or expected because of statutory requirements
directing the first $150 million in oil collections to designated funds,
mostly for education.
-
Motor vehicle tax
collections of $15.1 million were $677,272, or 4.3 percent, less than
prior year collections and $2.1 million, or 12 percent, below the
estimate.
-
Other revenue
collections of $63.6 million were $7 million, or 12.4 percent, more than
prior year collections and $3.4 million, or 5.7 percent, above the
estimate.
August revenue tables are available on the
OMES website: http://www.ok.gov/OSF/News/August_2014_Financial_Report_Data_Tables.html
In addition, July GRF collections were
corrected following the discovery of a Tax Commission apportionment error. After
the correction, July GRF collections totaled $464.6 million, which was $54.8
million, or 13.4 percent, more than prior year collections and $63.1 million,
or 15.7 percent, above the estimate.
Updated July revenue tables are available on
the OMES website: http://www.ok.gov/OSF/News/July_2014_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: To lead, support, and serve. For more information, visit OMES.OK.gov.
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