November GRF receipts climb 3.8 percent over last year
Total collections remain below projection for fiscal year
OKLAHOMA CITY — General Revenue Fund (GRF) collections beat
last year’s receipts by 3.8 percent in November, but unusually large income tax
refunds caused revenues to miss the official estimate upon which the current
state budget is based by 7.9 percent.
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. Made up of almost 70 revenue
sources, the GRF is where all taxes and fees flow that are not dedicated to
specific programs.
GRF collections for November totaled $383.2
million, which is $14.1 million or 3.8 percent above November 2012 collections
and $32.7 million or 7.9 percent below the official estimate.
For the first five months of Fiscal Year
2014, GRF collections total $2.1 billion, which is $30.6 million or 1.4 percent
below prior year collections and $146.8 million or 6.5 percent below the
official estimate.
“Noneconomic issues continue to diminish
general revenue collections. This has been the trend so far this year,” said
Secretary of Finance, Administration and Information Technology Preston L.
Doerflinger. “We’re still seeing encouraging economic expansion as a state even
though revenue for government appropriations is trailing somewhat. The next few
months will say a lot about what the state budget picture looks like for the
near future.”
According to the Oklahoma Tax Commission, the
$25.1 million decline in individual income tax collections in November was
largely caused by $23.5 million in monthly refunds, compared to $12.8 million a
year ago, and a $9.1 million drop in withholding collections tied mostly to
Thanksgiving Day being celebrated six days later than it was in 2012. Much of that
withholding collections revenue is expected to be captured in December.
The state Board of Equalization meets Dec. 19
to consider certification of revenue estimates for FY 15, which will be the
first look at funds available for the next state budget.
“Next week’s meeting gives us a number to
start building the next budget with,” Doerflinger said. “There won’t be much
new government cheese for agencies to nibble on next year. Agencies need to be
realistic and prepare to make due with what they already have.”
Doerflinger is director of the Office of Management
and Enterprise services, which issues the monthly GRF reports.
Major tax categories in November contributed
the following amounts to the GRF:
-
Income tax –
Individual and corporate income tax collections of $126.3 million were
$25.9 million or 17 percent less than prior year collections and $35.8
million or 22.1 percent below the estimate.
Individual income tax collections of $125.1 million were $25.1 million or
16.7 percent less than prior year collections and $31.7 million or 20.2
percent below the estimate. Corporate income tax collections of $1.2
million were $875,147 or 42.4 percent less than prior year collections and
$4.1 million or 77.7 percent below the estimate.
-
Sales tax –
The Tax Commission apportionment of $162.6 million in sales taxes was $3.3
million or 2 percent more than the prior year and $5.4 million or 3.2
percent below the estimate.
-
Gross production tax – Gross production tax collections contributed $20.9
million in November. That amount was $10.5 million and 100.5 percent more
than the monthly estimate since natural gas collections contributed
nothing to the GRF last year at this time and nothing was anticipated from
oil collections for the current year.
Total gross production tax collections for the first five
months of the fiscal year are running ahead of the prior year by $55 million,
but below the estimate by $8.2 million or 11.7 percent.
-
Motor vehicle taxes –
Motor vehicle tax collections of $30.5 million were $13.9 million or 83.9
percent more than prior year collections and $13 million or 74.3 percent
above the estimate. Approximately $11 million of the increase is
linked to a Tax Commission apportionment error that resulted in these
funds not being apportioned in prior months.
-
Other revenue –
Other revenue collections of $42.9 million were $2 million or 4.9 percent
more than prior year collections and $15 million or 26 percent below the
estimate.
Monthly revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/November_2013_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: To lead, support, and serve. For more information, visit OMES.OK.gov.
|
