First seven months of fiscal year only 3.9 percent above estimate
OKLAHOMA CITY — General Revenue Fund collections in January were $596 million and came in at $47.2 million, or 8.6 percent, above the monthly estimate. This amount is $90.8 million, or 18.0 percent, above collections in January of 2017.
Total collections over the first seven months of the fiscal year were $3.3 billion which is $122 million, or 3.9 percent, above the year-to-date estimate and $369 million, or 12.7 percent, over the year-to-date for 2017.
“It is a good sign that we have been surpassing the estimate consistently for the past few months, but I’m not ready to declare that the state has totally recovered from the energy downturn,” said Office of Management and Enterprise Services Director Denise Northrup. “I know others have been significantly more celebratory about recent returns, but we have a long way to make up from the multi-year downturns to show we are back on track.”
Reporting in almost all categories came in above prior year colllections, with total income tax collections coming in at $51.4 million, or 21.7 percent, above prior year collections and sales tax collections at $25.9 million or, 16.0 percent, above prior year collections.
“Looking forward, February has historically been our lowest collection month of the year going all the way back nearly 20 years. January collections have traditionally helped to offset any cash flow issues that might arise from February’s low returns, but keep in mind when praising the modest increase in January that this money will be balancing out low returns next month,” Northrup said.
“Additionally, it bears mentioning that we still haven’t fully funded FY 2018 and we’re already over halfway through the fiscal year, so there is still much work to be done,” Northrup reiterated.
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 January contributed the following amounts to the GRF:
- Total income tax collections of $288.0 million consisted entirely of individual income tax collections and were $58.0 million, or 25.2 percent, above the estimate and $51.4 million, or 21.7 percent, above the prior year.
Corporate income tax collections made no contribution to the General Revenue Fund from January collections and none were estimated to be received due to previous years’ history.
- Sales tax collections of $187.2 million were $8.0 million, or 4.5 percent, above the estimate and $25.9 million, or 16.0 percent, above the prior year.
- Gross production tax collections of $26.8 million were $3.3 million, or 11.0 percent, below the estimate and $15.3 million, or 132.7 percent, above the prior year.
Natural gas collections of $22.4 million were $5.2 million, or 30.3 percent, above the estimate and $12.7 million, or 131.5 percent, above the prior year.
Oil collections of $4.4 million were $8.5 million, or 65.7 percent, below the estimate and $2.6 million, or 138.9 percent, above the prior year.
- Motor vehicle tax collections of $17.9 million were $1.8 million, or 9.0 percent, below the estimate and $1.6 million, or 8.4 percent, below the prior year.
- Other revenue collections of $76.1 million were $13.8 million, or 15.4 percent, below the estimate and $111,000, or 0.1 percent, below the prior year.
Revenue tables can be viewed on the OMES website: https://www.ok.gov/OSF/News/January_2018_Financial_Report_Data_Tables.html