March 2021 GRF collections remain above monthly estimate
OKLAHOMA CITY — General Revenue Fund collections in March totaled $489.3 million, which is $16.4 million, or 3.5%, above the monthly estimate. This is $5.3 million, or 1.1%, below collections in March of 2020. Total GRF collections through the first nine months of fiscal year 2021 are $4.8 billion, which is $27.5 million, or 0.6%, above the estimate, and $94.1 million, or 2%, above prior year collections for the same period.
March revenue collections exceeded estimates by 3.5% and were bolstered primarily by income taxes and natural gas collections. Year-to-date collections continue to track just above estimates at 0.6%. Sales tax and oil collections remain weak categories with sales tax falling below estimates for the last five months and oil collections missing estimates for all months in the fiscal year.
“Oklahoma continues to exceed year-to-date collection estimates. As life starts to return to normal, post-pandemic, we hope to see this economic momentum continue forward,” said OMES Executive Director Steven Harpe. “These financial indicators show us Oklahoma’s recovery plan is on track and making great strides.”
Major tax categories in March contributed the following amounts to the GRF:
- Total income tax collections of $180.9 million were $34.1 million, or 23.2%, above the estimate and $5.7 million, or 3.1%, below the prior year. Individual income tax collections of $156.6 million were $16.5 million, or 11.7%, above the estimate and $17.4 million, or 10%, below the prior year. Corporate income tax collections of $24.3 million were $17.7 million, or 266.6%, above the estimate and $11.7 million, or 92.7%, above the prior year.
- Sales tax collections of $162 million were $14.6 million, or 8.3%, below the estimate and $3.1 million, or 1.9%, below the prior year.
- Gross production tax collections of $70.4 million were $1.9 million, or 2.8%, above the estimate and $10.6 million, or 17.8%, above the prior year. Natural Gas collections of $37.2 million were $8.8 million, or 19.2%, below the estimate and $4.5 million, or 10.9%, below the prior year. Oil collections of $33.2 million were $10.8 million, or 48%, above the estimate and $15.2 million, or 84.2%, above the prior year.
- Motor vehicle tax collections of $4 million were $2.1 million, or 113%, above the estimate and $1.2 million, or 43%, above the prior year.
- Other revenue collections of $72.1 million were $7.2 million, or 9%, below the estimate and $8.3 million, or 10.3%, 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.
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