October GRF Collections 5% Over Monthly Estimate
J. Kevin Stitt
-- NEWS RELEASE --
For Immediate Release
October GRF collections 5% over monthly estimate
OKLAHOMA CITY — General Revenue Fund collections in October were $553.1 million and came in at $26.1 million, or 5.0%, above the monthly estimate. This amount is $33.0 million, or 6.3%, above collections in October of 2018. Total GRF collections over the first four months of fiscal year 2020 were $19.7 million, or 1.0%, above the estimate, and $89.4 million, or 4.5%, above prior year collections for the same period.
“Contributions to the GRF from income tax collections in the month of October, which were above the estimate, offset the below estimate contributions of gross production taxes and sales taxes,” said Director of the Office of Management and Enterprise Services John Budd.
“While year-to-date collections remain above the estimate, 1.0% is a slight margin and should remain our focus as fiscal year 2020 continues to unfold.”
Major tax categories in October contributed the following amounts to the GRF:
- Total income tax collections of $282.8 million were $80.2 million, or 39.6%, above the estimate and $95.0 million, or 50.6%, above the prior year.
Individual income tax collections of $272.1 million were $69.5 million, or 34.3%, above the estimate and $84.3 million, or 44.9%, above the prior year.
Corporate income tax collections were $10.7 million and were estimated to be zero and were zero in the prior year.
- Sales tax collections of $157.4 million were $13.6 million, or 8.0%, below the estimate and $28.8 million, or 15.4%, below the prior year.
- Gross production tax collections of $31.9 million were $30.1 million, or 48.5%, below the estimate and $2.3 million, or 6.8%, below the prior year.
Natural gas collections of $13.6 million were $24.5 million, or 64.3%, below the estimate and $20.5 million, or 60.2%, below the prior year.
Oil collections of $18.3 million were $5.6 million, or 23.5%, below the estimate and $18.2 million, or 12,249.7%, above the prior year.
- Motor vehicle tax collections of $3.1 million were $1.1 million, or 55.3%, above the estimate and $14.3 million, or 82.3%, below the prior year.
- Other revenue collections of $77.9 million were $11.5 million, or 12.9%, below the estimate and $16.7 million, or 17.7%, below 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/october-2019-financial-data-tables
Note on Individual Income Tax and Motor Vehicle Collections: Every month of fiscal year 2020, contributions to the GRF from individual income tax collections and motor vehicle collections will be impacted by changes made by HB1014XX allocating specific motor vehicle and motor fuels tax collections to the ROADS fund and offsetting the distribution from this GR source by an equal amount. This new process will not directly impact revenues, but will cause anomalies in the prior year comparisons presenting as an increase in individual income tax and a decrease in motor vehicle contributions. Additionally, for the first year of these changes, we will experience a disrupted collection pattern in both sources when compared to estimated revenues.
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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.