Office Of Management & Enterprise Services
Rising income tax revenues again fueled increased General Revenue Fund (GRF) collections in May over the same month a year ago.
With one month left in Fiscal Year 2013, total GRF collections are $5 billion, which is $65.1 million or 1.3 percent above total collections for the same period a year ago, and $35.1 million or 0.7 percent higher than the official estimate upon which the FY 13 state budget is based.
“Oklahoma’s economy remains robust and reliable heading into the home stretch of the fiscal year,” said Secretary of Finance and Revenue Preston L. Doerflinger. “Revenues are once again tracking slightly above annual projections.”
Personal and corporate income tax collections in May ran ahead of projections and last year’s receipts by sizeable margins, according to the monthly GRF report of the Office of Management and Enterprise Services (OMES).
“Oklahoma’s pro-growth policies are catching national attention because they’re working,” said Gov. Mary Fallin. “We’re becoming a standard bearer for economic growth with solid revenue collections and an enviable unemployment rate, now 4.9 percent, compared to a national jobless rate of 7.6 percent. Oklahoma is very much open for business, and business is good.”
Individual income taxes contributed $176.3 million to the GRF in May, an increase of $7.3 million or 4.3 percent over the same month a year ago. Corporate income taxes came in at $5.2 million, an increase of 20.5 percent over May 2012 – marking the third consecutive month with a double-digit corporate income tax collection increase over the same month in 2012. Sales taxes were up $4.5 million or 3 percent from May 2012.
“Continued strength in these key revenue areas shows a state still on the move and growing,” Doerflinger said. “Most sectors remain healthy even amid federal budget uncertainty and the resulting effect on military and federal employee purchasing psyche, plus continued gross production collection challenges.”
Motor vehicle tax receipts were down $3.4 million or 16.9 percent in May and missed the estimate by $4.1 million or 19.7 percent. Over 11 months, motor vehicle taxes are down $20.2 million or 10.1 percent from last year and are almost $25 million or 12 percent below the estimate.
Gross production tax collections, especially from natural gas, continue to be a drag on GRF totals. After tax credits and rebates, collections from oil and gas taxes are now down $209.1 million or 52.6 percent from last year over the 11-month period. Natural gas accounts for more than $202 million of the $209 million difference
