April GRF receipts miss estimate by 11.4%
Yearly collections now below estimate
OKLAHOMA CITY — General
Revenue Fund (GRF) collections came in 11.4% below projections in April,
sending yearly collections below the official estimate upon which the Fiscal
Year 2015 appropriated state budget is based.
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.
April
GRF collections of $673.3 million were $87 million, or 11.4 percent, below the estimate
and $17.2 million, or 2.5 percent, below prior year collections.
Total
GRF collections for the first ten months of FY 2015 of $4.8 billion were $4.5
million, or 0.1 percent, below the estimate and $199.5 million, or 4.3 percent,
above the prior year.
This
marks the first time in FY 2015 that year-to-date collections have fallen below
the official estimate (for budgetary purposes, the estimate is a more important
number than prior year collections because annual appropriations are based on
the estimate). The reduction can be attributed largely to the effect low oil
prices are having on tax collections.
“We’ve been waving the caution flag all year and it appears
April may mark the beginning of the temporary revenue downturn we’ve been
expecting,” said
Secretary of Finance, Administration and Information Technology Preston L.
Doerflinger. “It’s going to require agencies to
continue tightening up their ships, and there’s certainly still room to do that
in some areas.”
Doerflinger, who serves as Gov. Mary Fallin’s lead budget
negotiator with the Legislature, said the soon-to-be-announced FY 2016
appropriated state budget will reflect the anticipated revenue downturn.
“Any day now we expect to reach agreement with the Legislature
on a budget that makes the responsible spending reductions necessary to preserve
funding for core services,” Doerflinger said. “It’s going to be a smaller
budget than this year’s, but the real world effect on the services government
provides should be minimal to nonexistent. Rest assured, the government cheese
will still be served.”
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in April contributed the following amounts to the GRF:
-
Total
income tax collections of $413 million
were $48.8 million, or 10.6 percent, below the estimate and $15.8 million, or 4
percent, above the prior year.
Individual income tax collections of $387.5 million were $9.7 million, or 2.4
percent, below the estimate and $41.4 million, or 12 percent, above the
prior year.
Corporate income tax collections of $25.5 were $39.1 million, or 60.6
percent, below the estimate and $25.6 million, or 50.2 percent, below the
prior year.
-
Sales
tax collections of $164.6 million
were $5.9 million, or 3.5 percent, below the estimate and $305,572, or 0.2
percent, below the prior year.
-
Gross
production tax collections of $8.9
million were $28.5 million, or 76.1 percent, below the estimate and $29
million, or 76.4 percent, below the prior year.
Gas collections
of $216,794 were $19.4 million, or 98.9 percent, below the estimate and $9.3
million, or 97.7 percent, below the prior year.
Oil collections of $8.7 million were $9 million, or 50.8 percent, below the
estimate and $19.6 million, or 69.2 percent, below the prior year.
-
Motor
vehicle tax collections of $17.1 million
were $3.2 million 15.6 percent, below the estimate and $7.1 million, or 29.2
percent, below the prior year.
-
Other
revenue collections of $69.7 million
were $660,702, or 0.9 percent, below the estimate and $3.3 million or 5
percent, above the prior year.
Monthly
revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/April_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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