State: February general revenue collections miss estimate

Total year-to-date estimate slightly above at 3.5%

State: February general revenue collections miss estimate

OKLAHOMA CITY — General Revenue Fund collections in February were $294.2 million and came in at $2.0 million, or 0.7 percent, below the monthly estimate. This amount is $46.2 million, or 18.6 percent, above collections in February of 2017. Total collections over the first eight months of the fiscal year were $3.6 billion which is $120.4 million, or 3.5 percent, above the year-to-date estimate and $415.0 million, or 13.2 percent, over the year-to-date for 2017.

GNP App

“February collections are historically our lowest collection month, and as predicted, we came up short this month,” said Office of Management and Enterprise Services Director Denise Northrup. “As we look forward to the remainder of the fiscal year, slow and steady progress should be expected.”

Total income tax collections came in at $44.3 million, and were $19.5 million, or 78.6 percent, above the estimate. The other revenues category had collections of $42.9 million and were $11.4 million, or 20.9 percent, below the estimate mostly due to a transfer of $16.7 million to the Oklahoma Higher Learning Access Program (OHLAP).

“It’s important to reiterate that we are still in recovery mode and any declaration otherwise would be an embellishment of our financial reality. Most of the increases we have seen the past few months have been due to law changes, not economic growth,” Northrup said.

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.

Denise Northrup is the Director of OMES, which issues the monthly GRF reports.

Major tax categories in February contributed the following amounts to the GRF:

  • Total income tax collections of $44.3 million consisted entirely of individual income tax collections and were $19.5 million, or 78.6 percent, above the estimate and $21.9 million, or 98.1 percent, above the prior year.
    Corporate income tax collections made no contribution to the General Revenue Fund from February collections and none were estimated to be received due to previous years’ history.
  • Sales tax collections of $164.4 million were $7.3 million, or 4.7 percent, above the estimate and $23.4 million, or 16.6 percent, above the prior year.
  • Gross production tax collections of $28.1 million were $16.0 million, or 36.3 percent, below the estimate and $12.9 million, or 84.3 percent, above the prior year.
    Natural gas collections of $23.4 million were $3.7 million, or 13.6 percent, below the estimate and $10.1 million, or 76.7 percent, above the prior year.
    Oil collections of $4.8 million were $12.3 million, or 72.1 percent, below the estimate and $2.7 million, or 134.2 percent, above the prior year.
  • Motor vehicle tax collections of $14.4 million were $1.4 million, or 9.0 percent, below the estimate and $215,000, or 1.5 percent, below the prior year.
  • Other revenue collections of $42.9 million were $11.4 million, or 20.9 percent, below the estimate and $11.9 million, or 21.7 percent, below the prior year.

Revenue tables can be viewed on the OMES website:  https://www.ok.gov/OSF/News/February_2018_Financial_Report_Data_Tables.html

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.