July GRF receipts top estimate
Caution necessary as collections fall below last year's receipts
OKLAHOMA CITY — In
the first month of Fiscal Year 2016, General Revenue Fund (GRF) collections performed
above expectations in July but lagged far behind the previous year, continuing to
demonstrate how low oil prices and energy sector adjustments are affecting state
revenues.
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.
July
GRF collections of $418 million were $23.2 million, or 5.9 percent, above the
official estimate upon which the Fiscal Year 2016 appropriated state budget was
based, but $46.6 million, or 10 percent, below prior year collections.
“It’s
nice to top expectations after a few months of not doing so, but expectations
were not all that high to begin with. I’m more concerned that we are so far
below last year’s collections,” said Secretary of Finance, Administration and
Information Technology Preston L. Doerflinger.
“We
should be cautious as we’re likely to continue being challenged by low oil
prices brought about by energy market factors beyond Oklahoma’s control,”
Doerflinger said. “Any excitement on meeting or exceeding the monthly estimate
should be tempered by the challenging reality the next year poses for Oklahoma.”
Final
FY 2015 GRF collections of $5.7 billion were $129.9
million, or 2.2 percent, below the estimate.
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in July contributed the following amounts to the GRF:
-
Total income tax collections
for the month of $179 million were $58.8 million, or 49 percent,
above the estimate and $31.1 million, or 14.8 percent, below the
prior year.
Individual income tax collections of $176.5 million were $62.1 million, or
54.3 percent, above the estimate and $25.3 million, or 12.5 percent, below
the prior year.
Corporate income tax collections of $2.4 million were $3.3 million, or
57.3 percent, below the estimate and $5.9 million, or 70.8 percent, below
the prior year.
-
Sales tax collections
of $169 million were $13 million, or 7.1 percent, below the estimate and
$3.8 million, or 2.2 percent, below the prior year.
-
Gross production tax collections
of $10 million were $15 million, or 60.1 percent, below the estimate and
$1.4 million, or 12.4 percent, below the prior year.
All GRF contributions for the month of July 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 for education.
-
Motor vehicle tax
collections of $18 million were $3.3 million, or 15.4 percent, below the
estimate and $473,458, or 2.6 percent, below the prior year.
-
Other revenue
collections of $42.1 million were $4.3 million, or 9.3 percent, below the
estimate and $9.8 million, or 18.8 percent, below the prior year.
Monthly revenue tables are
available on the OMES website: http://www.ok.gov/OSF/News/July_2015_Financial_Report_Data_Tables.html.
Media Contact
MICHAEL BAKER
Public Affairs Manager
(405) 522-4265 | michael.baker@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.
|
 
|
