GRF receipts strong in December
Coming months may prove challenging amid oil price declines
NOTE: Fiscal year in paragraph four has been corrected.
OKLAHOMA CITY — December
General Revenue Fund (GRF) collections of $547.8 million were $18.6 million, or
3.5 percent, above the official estimate upon which the FY 2015 appropriated
state budget is based and $38.3 million, or 7.5 percent, above prior year
collections.
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. GRF collections, reported by the Office of Management and
Enterprise Services (OMES), 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 prior
to rebates, refunds and mandatory apportionments.
“December
collections are always strong, and this year consumers had more money in their hands
for the holiday shopping season since gas prices were so low. That probably put
a few extra presents under the tree and few extra dollars into government,”
said Secretary of Finance, Administration and Information Technology Preston L.
Doerflinger.
Total
GRF collections for the first half of fiscal year 2015 were $2.8 billion, which
is $98.8 million, or 3.7 percent, above the estimate and $179.2 million, or 6.9
percent, above the prior year.
“Nobody
should get too excited because this growth may be short lived if sustained low
oil prices begin cutting into the state economy and state tax collections. Collections
have had a solid six months, but the months ahead will present challenges
requiring all parts of government to sacrifice and continue driving efficiency
wherever possible,” Doerflinger said.
Doerflinger
is director of OMES, which issues the monthly GRF reports.
Major
tax categories in December contributed the following amounts to the GRF:
-
Total
income tax collections of $252.7 million
were $4.7 million, or 1.8 percent, below the estimate and $15.4 million,
or 6.5 percent, above the prior year.
Individual income tax collections of $231.1 million were $22.1 million, or
10.6 percent, above the estimate and $31.2 million, or 15.6 percent, above
the prior year.
Corporate income tax collections of $21.6 million were $26.8 million, or
55.4 percent, below the estimate and $15.8 million, or 42.3 percent, below
prior year. Refunds for the month were more than three times the amount
refunded in the same month last year.
-
Sales
tax collections of $175 million
were $2.8 million, or 1.6 percent, above the estimate and $10 million, or
6.1 percent, above the prior year.
-
Gross
production tax collections of $38.2 million
were $13.1 million, or 52.2 percent, above the estimate and $3.6 million,
or 10.3 percent, above the prior year.
Oil collections of $27.1 million were $6.4 million, or 31.1 percent, above
the estimate and $5.9 million, or 18 percent, below prior year.
Gas collections
of $11.2 million were $6.7 million, or 150.1 percent, above the estimate and $9.5
million, or 578.8 percent, above the prior year.
-
Motor vehicle
tax collections of $20.6 million were $6.7
million, or 47.9 percent, above the estimate and $6.2 million, or 42.5 percent,
above the prior year.
-
Other
revenue collections of $61.2 million
were $0.7 million, or 1.1 percent, above the estimate and $3.2 million or 5.4
percent, above the prior year.
Monthly revenue tables are available on the OMES website:
http://www.ok.gov/OSF/News/December_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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