Feb. 14, 2018
General Revenue
Collections Outpace Prior Year
First seven
months of fiscal year only 3.9 percent above estimate
OKLAHOMA
CITY — General Revenue Fund collections in January were $596 million and
came in at $47.2 million, or 8.6 percent, above the monthly estimate. This
amount is $90.8 million, or 18.0 percent, above collections in January of
2017.
Total
collections over the first seven months of the fiscal year were $3.3 billion
which is $122 million, or 3.9 percent, above the year-to-date estimate and $369
million, or 12.7 percent, over the year-to-date for 2017.
"It
is a good sign that we have been surpassing the estimate consistently for the
past few months, but I'm not ready to declare that the state has totally
recovered from the energy downturn," said Office of Management and Enterprise Services Director Denise Northrup. "I know
others have been significantly more celebratory about recent returns, but we
have a long way to make up from the multi-year downturns to show we are back on
track."
Reporting
in almost all categories came in above prior year colllections, with total
income tax collections coming in at $51.4 million, or 21.7 percent, above prior
year collections and sales tax collections at $25.9 million or, 16.0 percent,
above prior year collections.
"Looking
forward, February has historically been our lowest collection month of the year
going all the way back nearly 20 years. January collections have traditionally
helped to offset any cash flow issues that might arise from February's low
returns, but keep in mind when praising the modest increase in January that
this money will be balancing out low returns next month," Northrup said.
"Additionally,
it bears mentioning that we still haven't fully funded FY 2018 and we're
already over halfway through the fiscal year, so there is still much work to be
done," Northrup reiterated.
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.
Denise Northrup is the Director of OMES, which issues the monthly GRF
reports.
Major
tax categories in January contributed the following amounts to the GRF:
-
Total income tax collections of $288.0 million
consisted entirely of individual income tax collections and were $58.0
million, or 25.2 percent, above the estimate and $51.4 million, or 21.7
percent, above the prior year.
Corporate income tax collections made no contribution to the General
Revenue Fund from January collections and none were estimated to be
received due to previous years’ history.
- Sales tax collections of $187.2 million were $8.0
million, or 4.5 percent, above the estimate and $25.9 million, or 16.0
percent, above the prior year.
-
Gross production tax collections of $26.8 million were
$3.3 million, or 11.0 percent, below the estimate and $15.3 million, or
132.7 percent, above the prior year.
Natural gas collections of $22.4 million were $5.2 million, or 30.3
percent, above the estimate and $12.7 million, or 131.5 percent, above the
prior year.
Oil collections of $4.4 million were $8.5 million, or 65.7 percent, below
the estimate and $2.6 million, or 138.9 percent, above the prior
year.
- Motor vehicle tax collections of $17.9 million were
$1.8 million, or 9.0 percent, below the estimate and $1.6 million, or 8.4
percent, below the prior year.
- Other revenue collections of $76.1 million were $13.8
million, or 15.4 percent, below the estimate and $111,000, or 0.1 percent,
below the prior year.
Revenue
tables can be viewed on the OMES website:
https://www.ok.gov/OSF/News/January_2018_Financial_Report_Data_Tables.html
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