Sept. 11, 2018
Two major reporting categories still missing monthly estimate
OKLAHOMA CITY — General Revenue Fund collections in August were $454.6 million and came in at $28.2 million, or 6.6 percent, above the monthly estimate. This amount is $40.9 million, or 9.9 percent, above collections in August of 2017.
"After missing the estimate in July, I'm pleased to see collections coming in above the estimate this month," said Office of Management and Enterprise Services Director Denise Northrup. "I do think it's prudent to note, gross production tax collections are coming in 9.9 percent below the estimate and motor vehicle tax collections are also slightly below the estimate for this month."
Sales tax collections were just above the estimate at $156.9 million and $1.1 million, or 0.7 percent, above the estimate. Gross production tax collections of $27.1 million were $3.0 million, or 9.9 percent, below the estimate and $7.2 million, or 36.0 percent, above the prior year.
"With a few exceptions, collections are where they need to be, but we're only two months into the fiscal year," stated Northrup.
Denise Northrup is the director of OMES, which issues the monthly GRF reports.
Major tax categories in August contributed the following amounts to the GRF:
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Total income tax collections of $157.5 million were $25.6 million, or 19.4 percent, above the estimate and $8.1 million, or 5.4 percent, above the prior year.
Individual income tax collections of $157.5 million were $29.1 million, or 22.7 percent, above the estimate and $10.0 million, or 6.8 percent, above the prior year.
Corporate income tax collections were net zero and did not contribute to the total. Refunds expected last month were realized this month, shifting the monthly collection pattern but bringing year-to-date numbers more into balance. -
Sales tax collections of $156.9 million were $1.1 million, or 0.7 percent, above the estimate and $15.5 million, or 9.0 percent, below the prior year.
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Gross production tax collections of $27.1 million were $3.0 million, or 9.9 percent, below the estimate and $7.2 million, or 36.0 percent, above the prior year.
Natural gas collections of $20.8 million were $3.1 million, or 13.0 percent, below the estimate and $3.5 million, or 19.9 percent, above the prior year.
Oil collections of $6.3 million were $135,000, or 2.2 percent, above the estimate and $3.7 million, or 144.0 percent, above the prior year. -
Motor vehicle tax collections of $17.8 million were $161,000, or 0.9 percent, below the estimate and $296,000, or 1.7 percent, above the prior year.
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Other revenue collections of $95.4 million were $4.6 million, or 5.1 percent, above the estimate and $40.8 million, or 74.7 percent, above the prior year.
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, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the State Treasurer, are all revenues remitted to the Oklahoma Tax Commission.
Revenue tables can be viewed on the OMES website: http://omes.ok.gov/pages/august-2018-financial-data-tables
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