January GRF receipts miss estimate
Year-to-date collections remain above estimate by may slow soon
OKLAHOMA CITY — January
General Revenue Fund (GRF) collections of $605.7 million were $56 million, or 8.5
percent, below the official estimate upon which the fiscal year 2015
appropriated state budget is based and $4.9 million, or 0.8 percent, below
prior year collections.
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.
Total
GRF collections for the seven months of FY 2015 were $3.4 billion, which is $42.8
million, or 1.3 percent, above the estimate and $174.3 million, or 5.4 percent,
above the prior year.
“While
the year has been solid, January wasn’t particularly strong and I doubt the coming
months will be, either,” said Secretary of Finance, Administration and
Information Technology Preston L. Doerflinger. “We’re fortunate to have had a
strong first half of the year to bank cash ahead of the weaker revenue months
the rest of the year could bring.”
Low
oil prices are leading energy firms to begin reducing production and jobs,
which may cause tax collection declines across multiple tax types in the months
ahead.
“Next
year will be the bigger challenge if oil production and energy employment
continue sliding as they have in recent weeks. It’s time we acknowledge that potential
reality and prepare accordingly,” Doerflinger said.
The
FY 2016 executive budget proposal Gov. Mary Fallin made to the Legislature last
week was built using a revenue estimate made in December that was $298.1
million, or 4.1 percent, less than what was appropriated in the FY 2015 appropriated
state budget. The Board of Equalization meets Feb. 17 to make a revised revenue
estimate the governor and Legislature will use to set the FY 2016 appropriated
state budget.
“Every
indication I’m seeing has the budget gap growing next week,” Doerflinger said. “It
won’t be easy, but the state can overcome the challenge as long as it continues
driving efficiency and innovation to maximize its limited resources.”
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in January contributed the following amounts to the GRF:
-
Total
income tax collections of $291.3 million
were $67.9 million, or 18.9 percent, below the estimate and $27.7 million,
or 8.7 percent, below the prior year.
Individual income tax collections of $246.8 million were $74.6 million, or
23.2 percent, below the estimate and $45.6 million, or 15.6 percent, below
the prior year.
Corporate income tax collections of $44.5 million were $6.7 million, or 17.6
percent, above the estimate and $17.9 million, or 67.3 percent, above the prior
year.
-
Sales
tax collections of $185.6 million
were $8.3 million, or 4.7 percent, above the estimate and $16.1 million,
or 9.5 percent, above the prior year.
-
Gross
production tax collections of $30.4 million
were $5.3 million, or 21.2 percent, above the estimate and $2.1 million,
or 7.5 percent, above the prior year.
Oil collections of $23.8 million were $6.3 million, or 35.9 percent, above
the estimate and $4.2 million, or 15 percent, below the prior year.
Gas collections of $6.6 million were $1 million, or 12.7 percent, below
the estimate and $6.3 million, or 1,828.9 percent, above the prior year.
-
Motor
vehicle tax collections of $18.6 million
were $1 million, or 5.1 percent, below the estimate and $3.9 million, or
17.2 percent, below the prior year.
-
Other
revenue collections of $79.7 million were
$0.7 million, or 0.8 percent, below the estimate and $8.5 million or 12
percent, above the prior year.
Monthly
revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/January_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.
|
|
