February GRF receipts miss estimate by 18%
Similar revenue declines expected for remainder of fiscal year
OKLAHOMA CITY - February General Revenue Fund (GRF)
collections missed the estimate by 18 percent, the farthest margin below the estimate
so far this fiscal year.
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.
February
GRF collections of $225.6 million were $49.4 million, or 18 percent, below the
official estimate upon which the Fiscal Year 2016 appropriated state budget was
based, and $75.9 million, or 25.2 percent, below prior year collections.
Total
GRF collections for the first eight months of FY 2016 were $3.3 billion, which
is $327 million, or 8.9 percent, below the official estimate and $356.5
million, or 9.7 percent, below prior year collections.
“March’s
deepened midyear revenue failure reduction was necessary because the rest of
the year is projected to look a lot like February,” Doerflinger said. “It bears
repeating that the most responsible way out of this is by adding stable,
recurring revenues into the next budget as the governor proposed and is actively
discussing with Legislature.”
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in February contributed the following amounts to the GRF:
-
Total
income tax collections of $29.5 million were $18.5 million, or 166.6 percent,
above the estimate and $28.6 million, or 49.2 percent, below the prior
year. Collections were far above the estimate and far below the prior
year due to collection anomalies in February 2015 that skewed comparisons
to February 2016, according to the Tax Commission.
Individual income tax collections of $26.6 million were $16 million, or 151.9
percent, above the estimate and $30.7 million, or 53.6 percent, below the
prior year.
Corporate income tax collections of $2.9 million were $2.4 million, or 463.2
percent, above the estimate and $2.1 million, or 255.5 percent, above the
prior year.
- Sales
tax collections of $140.7 million were $26.3 million, or 15.7 percent, below
the estimate and $18.3 million, or 11.5 percent, below the prior year.
-
Gross
production tax collections of $5 million were $25.1 million, or 83.4
percent, below the estimate and $25.3 million, or 83.5 percent, below the
prior year.
Natural gas collections of $4.5 million were $10.4 million, or 69.6
percent, below the estimate and $3.7 million, or 44.8 percent, below the
prior year.
Oil collections of $470,871 were $14.7 million, or 96.9 percent, below the
estimate and $21.7 million, or 97.9 percent, below the prior year.
- Motor
vehicle tax collections of $16.6 million were $1.3 million, or 7.3 percent,
below the estimate and $1.8 million, or 11.9 percent, above the prior
year.
- Other
revenue collections of $33.8 million were $15.2 million, or 31 percent, below
the estimate and $5.4 million, or 13.8 percent, below the prior year.
Monthly
revenue tables are available on the OMES website: https://www.ok.gov/OSF/News/February_2016_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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