Year-to-date collections continue to come in above estimate

OKLAHOMA CITY — General Revenue Fund collections in April were $906.1 million and came in at $60.1 million, or 7.1 percent, above the monthly estimate. This amount is $141.8 million, or 18.6 percent, above collections in April of 2018. Total collections over the first 10 months of the fiscal year are $359.6 million, or 6.9 percent, above the estimate to date and $876.9 million, or 18.5 percent, above prior year collections. 

“There was a little fluctuation in this month’s estimates to actual collections,” said Office of Management and Enterprise Services Director John Budd. “But the 10 month year-to-date collections appear to be on track with what was presented in the February Board of Equalization meeting.”

Gross production tax collections of $60.9 million were $7.8 million, or 14.8 percent, above the estimate and $26.2 million, or 75.3 percent, above the prior year. Sales tax collections of $190.9 million were $7.0 million, or 3.5 percent, below the estimate and $1.6 million, or 0.9 percent, above the prior year. Corporate income tax collections of $94.9 million were $63.5 million, or 202.3 percent, above the estimate.

John Budd is the director of OMES, which issues the monthly GRF reports.

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

• Total income tax collections of $532.3 million were $52.0 million, or 10.8 percent, above the estimate and $84.0 million, or 18.7 percent, above the prior year. Individual income tax collections of $437.4 million were $11.5 million, or 2.6 percent, below the estimate and $70.3 million, or 19.1 percent, above the prior year. Corporate income tax collections of $94.9 million were $63.5 million, or 202.3 percent, above the estimate and $13.7 million, or 16.9 percent, above the prior year.
• Sales tax collections of $190.9 million were $7.0 million, or 3.5 percent, below the estimate and $1.6 million, or 0.9 percent, above the prior year.
• Gross production tax collections of $60.9 million were $7.8 million, or 14.8 percent, above the estimate and $26.2 million, or 75.3 percent, above the prior year.
• Natural gas collections of $25.0 million were $4.1 million, or 13.9 percent, below the estimate and $2.5 million, or 10.7 percent, above the prior year.
• Oil collections of $35.6 million were $11.9 million, or 50.3 percent, above the estimate and $23.7 million, or 199.2 percent, above the prior year.
• Motor vehicle tax collections of $18.6 million were $0.9 million, or 5.2 percent, above the estimate and $1 million, or 5.6 percent, above the prior year.
• Other revenue collections of $103.4 million were $6.3 million, or 6.5 percent, above the estimate and $29.1 million, or 39.1 percent, 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: https://omes.ok.gov/pages/april-2019-financial-report-data-tables