OKLAHOMA CITY — General Revenue Fund collections in November were $390.6 million and came in at $28.7 million, or 7.9 percent, above the monthly estimate. This amount is $48.2 million, or 14.1 percent above collections in November of 2016. Total collections over the first five months of the fiscal year were $2.2 billion which is $38.6 million, or 1.8 percent, above the year-to-date estimate and $185 million, or 9.4 percent, over the year-to-date for 2016.
“It was a solid month for state revenue and I’m glad to see we exceeded the estimate this period,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “It should be noted, many of the gains we are seeing are not necessarily indicative of a strengthening economy. The strong showing this month appears to have more to do with law changes taking effect and boosting returns rather than economic growth.”
Total income tax collections were up by $29.3 million, or 33.0 percent, while GPT continued to falter, coming in 25.4 percent below the estimate. Corporate income tax again made no contribution to the GRF.
“It was mentioned yesterday by Denise Northrup in a House committee meeting that we would not have to borrow to make allocations this month. That prediction was based on preliminary numbers from last week and has changed after receiving the final revenue numbers for this month,” said Doerflinger. “Final numbers required OMES to borrow $35.1 million to meet this month’s monthly allocations. That money has been borrowed from the remaining FY 17 cash and will be repaid as collections allow.”
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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.
Doerflinger is Secretary of Finance, Revenue and Information Technology and is currently serving as interim commissioner of the Oklahoma State Department of Health. Denise Northrup is the interim director of OMES, which issues the monthly GRF reports.
Major tax categories in November contributed the following amounts to the GRF:
- Total income tax collections of $117.9 million were $29.3 million, or 33.0 percent, above the estimate and $6.3 million, or 5.6 percent, above the prior year.
Individual income tax collections of $117.9 million were $29.3 million, or 33.0 percent, above the estimate and $6.3 million, or 5.6 percent, above the prior year.
Corporate income tax collections made no contribution to the General Revenue Fund from November collections and none were estimated to be received due to previous years’ history.
- Sales tax collections of $175.7 million were $5.5 million, or 3.2 percent, above the estimate and $24.7 million, or 16.4 percent, above the prior year.
- Gross production tax collections of $23.4 million were $8.0 million, or 25.4 percent, below the estimate and $10.8 million, or 85.1 percent, above the prior year.
Natural gas collections of $20 million were $2.5 million, or 10.9 percent, below the estimate and $8.9 million, or 80.7 percent, above the prior year.
Oil collections of $3.4 million were $5.5 million, or 61.7 percent, below the estimate and $1.8 million, or 116.0 percent, above the prior year.
- Motor vehicle tax collections of $14.7 million were $1.5 million, or 11.7 percent, above the estimate and $139,000, or 1.0 percent, above the prior year.
- Other revenue collections of $59.0 million were $347,000, or 0.6 percent, above the estimate and $6.3 million, or 11.9 percent, above the prior year.
Revenue tables can be viewed on the OMES website: https://www.ok.gov/OSF/News/November_2017_Financial_Report_Data_Tables.html