May 2021 GRF collections on track for strong year end
OKLAHOMA CITY — General Revenue Fund collections in May totaled $623.6 million, which is $109.8 million, or 21.4%, above the monthly estimate. This is $133.4 million, or 27.2%, above collections in May of 2020. Total GRF collections through the first 11 months of fiscal year 2021 are $6.1 billion, which is $64.7 million, or 1.1%, above the estimate, and $435.1 million, or 7.6%, above prior year collections for the same period.
“It is encouraging to see the May numbers above the initial estimates,” said OMES Director Steven Harpe. “Our teams are keeping a close eye on collections for this final month in the fiscal year. If June collections are above estimates as well, we will have the opportunity to finish the year making a deposit to the rainy day fund – an accomplishment I believe our state should be proud of.”
As the state approaches the end of its 2021 fiscal year, collections continue to look reassuring. Individual income taxes and sales taxes were the most impactful overall in May, collecting $73.5 million and $22.8 million above estimate, respectively.
Major tax categories in May contributed the following amounts to the GRF:
- Total income tax collections of $231.0 million were $70.3 million, or 43.7%, above the estimate and $39.4 million, or 20.6%, above the prior year.
Individual income tax collections of $228.8 million were $73.5 million, or 47.3%, above the estimate and $39.5 million, or 20.9%, above the prior year.
Corporate income tax collections of $2.2 million were $3.2 million, or 60.0%, below the estimate and $121,000, or 5.3%, below the prior year.
- Sales tax collections of $204.1 million were $22.8 million, or 12.6%, above the estimate and $40.0 million, or 24.4%, above the prior year.
- Gross production tax collections of $67.3 million were $1.8 million, or 2.6%, below the estimate and $39.1 million, or 139.1%, above the prior year.
Natural Gas collections of $31.8 million were $16.1 million, or 102.9%, above the estimate and $24.6 million, or 343.2%, above the prior year.
Oil collections of $35.5 million were $17.9 million, or 33.6%, below the estimate and $14.5 million, or 69.3%, above the prior year.
- Motor vehicle tax collections of $2.4 million were $0.6 million, or 19.1%, below the estimate and $4.9 million, or 66.9%, below the prior year.
- Other revenue collections of $118.7 million were $19.2 million, or 19.3%, above the estimate and $19.8 million, or 20.0%, 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.
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