March GRF receipts above estimate
Collections beat estimate for first time since July
OKLAHOMA CITY — General Revenue Fund collections
in March exceeded the estimate for the first time since July 2015.
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.
March
GRF collections of $394.2 million were $3.1 million, or 0.8 percent, above the
official estimate upon which the Fiscal Year 2016 appropriated state budget was
based, and $30.1 million, or 7.1 percent, below prior year collections.
Total
GRF collections for the first nine months of FY 2016 were $3.7 billion, which
is $323.8 million, or 8 percent, below the official estimate and $386.6
million, or 9.4 percent, below prior year collections.
“We
were due a decent month after so many months of missing the estimate. No one
should get too excited because we are by no means out of the woods, but this is
certainly a welcome development,” said Secretary of Finance, Administration and
Information Technology Preston L. Doerflinger.
Sustained
low oil prices have caused monthly GRF collections to miss the estimate in all
but one month in FY 2016, prompting a revenue failure declaration in December
that was deepened two months later.
“Beating
the estimate is a huge help that reinforces the belief that there will be no
further deepening of the midyear cuts to the General Revenue Fund. It can’t be
ruled out entirely, but at this point it is extremely unlikely,” Doerflinger
said.
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in March contributed the following amounts to the GRF:
-
Total
income tax collections of $152.4 million were $19.2 million, or 14.4 percent,
above the estimate and $30.5 million, or 16.7 percent, below the prior
year.
Individual income tax collections of $108.4 million were $24.7 million, or
29.5 percent, above the estimate and $13.6 million, or 11.2 percent, below
the prior year.
Corporate income tax collections of $44 million were $5.4 million, or 11
percent, below the estimate and $16.9 million, or 27.8 percent, below the
prior year.
- Sales
tax collections of $154.4 million were $9.6 million, or 5.9 percent, below
the estimate and $3.6 million, or 2.4 percent, above the prior year.
-
Gross
production tax collections of $6.7 million were $11.4 million, or 63.1
percent, below the estimate and $6.7 million, or 49.9 percent, below the
prior year.
Natural gas collections of $6.1 million were $1.3 million, or 26.6
percent, above the estimate and $6.1 million above the prior year. No natural gas collections were
distributed to the GRF for this period last year as 2015 collections were
lower than the previous year and entirely consumed by refunds.
Oil collections of $596,498 were $12.7 million, or 95.5 percent, below the
estimate and $12.8 million, or 95.5 percent, below the prior year.
- Motor
vehicle tax collections of $17.5 million were $43,136, or 0.2 percent, above
the estimate and $2 million, or 13.1 percent, above the prior year.
- Other
revenue collections of $63.2 million were $4.9 million, or 8.4 percent, above
the estimate and $1.5 million, or 2.4 percent, above the prior year.
Monthly revenue
tables are available on the OMES website: https://www.ok.gov/OSF/News/March_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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