October 2020 GRF collections continue above estimate trend
Nov. 10, 2020
October GRF collections continue above estimate trend
OKLAHOMA CITY — General Revenue Fund collections in October totaled $524.7 million, which is $18.7 million, or 3.7%, above the monthly estimate. This is $28.4 million, or 5.1%, below collections in October of 2019. Total GRF collections through the first four months of fiscal year 2021 are $2.3 billion, which is $101.0 million, or 4.6%, above the estimate, and $258.0 million, or 12.5%, above prior year collections for the same period.
“While year-to-date collections to the General Revenue Fund remain above initial estimates, it is vital that we continue to remain cautious in our outlook for the remainder of the fiscal year,” said OMES Executive Director Steven Harpe. “October was the first month this year to see fewer personal income tax collections brought in than the previous year. This is a strong indication of potentially decreasing personal income tax collections while Oklahoma recovers from high unemployment numbers earlier this year without the injection of federal stimulus and unemployment benefits.”
Major tax categories in October contributed the following amounts to the GRF:
- Total income tax collections of $250.9 million were $54.4 million, or 27.7%, above the estimate and $32.0 million, or 11.3%, below the prior year.
Individual income tax collections of $246.3 million were $52.6 million, or 27.1%, above the estimate and $25.8 million, or 9.5%, below the prior year.
Corporate income tax of $4.5 million were $1.9 million, or 68.9%, above the estimate and $6.2 million, or 57.5%, below the prior year.
- Sales tax collections of $176.6 million were $1.0 million, or 0.6%, above the estimate and $19.1 million, or 12.2%, above the prior year.
- Gross production tax collections of $13.3 million were $28.4 million, or 68.1%, below the estimate and $18.6 million, or 58.3%, below the prior year.
Natural Gas collections of $13.3 million were $4.5 million, or 25.4%, below the estimate and $328,000, or 2.4%, below the prior year.
Oil collections of $64,000 were $23.9 million, or 99.7%, below the estimate and $18.3 million, or 99.7%, below the prior year.
- Motor vehicle tax collections of $5.0 million were $3.1 million, or 166.6%, above the estimate and $1.9 million, or 61.3%, above the prior year.
- Other revenue collections of $79.0 million were $11.4 million, or 12.7%, below the estimate and $1.2 million, or 1.5%, 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: October 2020 Financial Data Tables
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