GRF receipts up to start FY 2015
July collections exceed prior year and estimate
OKLAHOMA CITY — In the first month of Fiscal Year 2015, General Revenue
Fund (GRF) collections exceeded prior year collections by 14.9 percent and beat
the official estimate by 17.3 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 nearly 70 revenue sources, the
GRF is where all taxes flow except those dedicated to specific programs.
July GRF collections of $471
million were $61.2 million, or 14.9 percent, above prior year collections and
$69.6 million, or 17.3 percent, above the official estimate upon which the FY 15 appropriated state budget is based. FY 15 began July 1.
“It’s nice to start this year strong
after seeing GRF collections miss the estimate almost every month last year,”
said Secretary of Finance, Administration and Information Technology Preston L.
Doerflinger. “There is still a long road ahead with various risks that could affect
revenues along the way, but a good start is always better than a bad one.”
FY 14 GRF collections were
essentially flat compared to FY 13 and missed the official estimate by $283.3
million, or 4.8 percent, which nearly caused mandatory appropriation reductions
to agencies.
“If the GRF has bumps again
this year, it will almost surely be for noneconomic reasons of government’s own
creation,” Doerflinger said “All indications point to continuance of the thriving,
growing state economy enjoyed since 2011 that is keeping Oklahomans employed
while increasing personal wealth and government revenues. The question, as
always, will be how much of that revenue reaches the state budget for
discretionary spending.”
Doerflinger is director of the Office of Management and
Enterprise Services, which issues the monthly GRF reports.
Major tax categories in July contributed the
following amounts to the GRF:
-
Total income tax collections of $215.1 million were $49.2 million, or
29.7 percent, more than prior year collections and $66.8 million, or 45.1
percent, above the estimate.
Individual income tax collections of $206.8 million were $48.2
million, or 30.4 percent, more than prior year collections and $75 million, or
56.9 percent, above the estimate.
Corporate income tax collections of $8.3 million were $1.1 million, or 14.5
percent, above prior year collections and $8.1 million, or 49.4 percent, below
the estimate.
-
Sales tax collections
of $172.8 million were $3.9 million, or 2.3 percent, more than prior year
collections and $1.5 million, or 0.9 percent, below the estimate.
-
Gross production tax collections of $11.4 million were $336,000, or 3.1
percent, less than prior year collections and $5.5 million, or 32.6
percent, below the estimate.
Natural gas collections constituted the full deposit to the GRF. No oil
collections were received or expected because of statutory requirements
directing the first $150 million in oil collections to designated funds,
mostly for education.
-
Motor vehicle tax
collections of $18.5 million were $229,000, or 1.2 percent, less than
prior year collections and $1.6 million, or 9.3 percent, more than the
estimate.
-
Other revenue
collections of $53.3 million were $8.6 million, or 19.3 percent, more than
prior year collections and $8.2 million, or 18.2 percent, above the
estimate.
Monthly revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/July_2014_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.
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