May 2019 Collections Come in Slightly Above Estimate
J. Kevin Stitt
-- NEWS RELEASE --
For Immediate Release
Year-to-date collections look strong heading into the final month of FY 2019
OKLAHOMA CITY — General Revenue Fund collections in May were $573.9 million and came in at $5.0 million, or 0.9%, above the monthly estimate. This amount is $76.2 million, or 15.3%, above collections in May of 2018. Total collections over 11 months of the fiscal year are $364.6 million, or 6.3%, above the estimate to date and $953.0 million, or 18.2%, above prior year collections.
"Two of the four major reporting categories came in below the estimate for the month of May," said Office of Management and Enterprise Services Director John Budd. "Personal income tax collections were impacted by increased rebates and credits, and gross production collections remain volatile reflecting the uncertainty of lower prices early in 2019 when oil prices were still below $50 per barrel."
Total income tax collections of $154.6 million were $5.6 million, or 3.5%, below the estimate and $1.8 million, or 1.2%, above the prior year. General Revenue Fund deposits from personal income tax collections of $141 million were $15.5 million, or 9.9%, below the estimate. Gross production tax collections of $72.1 million were $16.2 million, or 18.3%, below the estimate and $19.3 million, or 36.6%, above the prior year.
"It looks like the state will finish this fiscal year in a strong position indicated by the total year-to-date collections over the last 11 months of $6.2 billion, which is 6.3% above the estimate," Budd stated. "I'm thrilled with the prospect of being able to start off the next fiscal year with a significant deposit into the state's Rainy Day Fund."
John Budd is the director of OMES, which issues the monthly GRF reports.
Major tax categories in May contributed the following amounts to the GRF:
- Total income tax collections of $154.6 million were $5.6 million, or 3.5%, below the estimate and $1.8 million, or 1.2%, above the prior year.
Individual income tax collections of $141.0 million were $15.5 million, or 9.9%, below the estimate and $6.4 million, or 4.3%, below the prior year.
Corporate income tax collections of $13.6 million were $9.9 million, or 267.1%, above the estimate and $8.2 million, or 150.9%, above the prior year.
- Sales tax collections of $189.4 million were $2.5 million, or 1.4%, above the estimate and $11.8 million, or 6.6%, above the prior year.
- Gross production tax collections of $72.1 million were $16.2 million, or 18.3%, below the estimate and $19.3 million, or 36.6%, above the prior year.
Natural gas collections of $27.2 million were $2.4 million, or 9.8%, above the estimate and $8.4 million, or 44.9%, above the prior year.
Oil collections of $44.9 million were $18.6 million, or 29.3%, below the estimate and $10.9 million, or 32.1%, above the prior year.
- Motor vehicle tax collections of $23.3 million were $4.0 million, or 20.9%, above the estimate and $3.3 million, or 16.7%, above the prior year.
- Other revenue collections of $134.6 million were $20.2 million, or 17.7%, above the estimate and $39.9 million, or 42.2%, 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: https://omes.ok.gov/pages/may-2019-financial-report-data-tables
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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: Provide excellent service, expert guidance and continuous improvement in support of our partners’ goals. For more information, visit OMES.OK.gov.