April GRF receipts miss estimate by 12.8%
Further midyear reductions remain unlikely
OKLAHOMA CITY — Although April General
Revenue Fund (GRF) collections missed the estimate by 12.8 percent, further
midyear reductions to agencies remain unlikely.
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.
April GRF collections of $611 million were $89.4 million, or 12.8
percent, below the official estimate upon which the Fiscal Year 2016
appropriated state budget was based, and $62.3 million, or 9.2 percent, below
prior year collections.
Most state agencies have seen monthly general revenue allocations
for FY 2016 reduced by seven percent due to a midyear revenue failure in the
GRF. The reductions were required to maintain a balanced budget amid declining revenue collections caused by
sustained low oil prices.
“April was weak, but it will not cause further midyear general
revenue allocation reductions to agencies,” said Secretary of Finance,
Administration and Information Technology Preston L. Doerflinger. “Current agency
allocation levels projected and accounted for down months like April for the
remainder of the fiscal year. Barring something drastic, the General Revenue
Fund should finish the year without additional across-the-board reductions to
agencies.”
Total GRF collections for the first ten months of FY 2016 were
$4.3 billion, which is $413.2 million, or 8.7 percent, below the official
estimate and $448.8 million, or 9.4 percent, below prior year collections.
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 $370.3 million were
$48.4 million, or 11.6 percent, below the estimate and $42.7 million, or 10.3
percent, below the prior year.
Individual income tax collections of $317.8 million were $71.1 million, or
18.3 percent, below the estimate and $69.7 million, or 18 percent, below
the prior year.
Corporate income tax collections of $52.5 million were $22.7 million, or 76
percent, above the estimate and $27.1 million, or 106.2 percent, above the
prior year.
- Sales tax collections of $159.3 million were $17.7
million, or 10 percent, below the estimate and $5.2 million, or 3.2
percent, below the prior year.
-
Gross production tax collections of $6.5 million were $11.5
million, or 63.8 percent, below the estimate and $2.4 million, or 27.1
percent, below the prior year.
Natural gas collections of $6.3 million were $932,452, or 12.9 percent, below
the estimate and $6.1 million, or 2,805 percent above the prior
year.
Oil collections of $223,615 were $10.5 million, or 97.9 percent, below the
estimate and $8.5 million, or 97.4 percent, below the prior year.
- Motor vehicle tax collections of $16.6 million were $5.8
million, or 25.9 percent, below the estimate and $0.6 million, or 3.2
percent, below the prior year.
- Other revenue collections of $58.3 million were $5.9
million, or 9.3 percent, below the estimate and $11.4 million, or 16.3
percent, below the prior year.
Monthly revenue tables are available on the OMES website: https://www.ok.gov/OSF/News/April_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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