Office of Management and Enterprise Services
December General Revenue Fund (GRF) collections of $547.8 million were $18.6 million, or 3.5 percent, above the official estimate upon which the FY 2015 appropriated state budget is based and $38.3 million, or 7.5 percent, above prior year collections.
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 state budget. GRF collections, reported by the Office of Management and Enterprise Services (OMES), 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 prior to rebates, refunds and mandatory apportionments.
“December collections are always strong, and this year consumers had more money in their hands for the holiday shopping season since gas prices were so low. That probably put a few extra presents under the tree and few extra dollars into government,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger.
Total GRF collections for the first half of fiscal year 2016 were $2.8 billion, which is $98.8 million, or 3.7 percent, above the estimate and $179.2 million, or 6.9 percent, above the prior year.
“Nobody should get too excited because this growth may be short lived if sustained low oil prices begin cutting into the state economy and state tax collections. Collections have had a solid six months, but the months ahead will present challenges requiring all parts of government to sacrifice and continue driving efficiency wherever possible,” Doerflinger said.
Doerflinger is director of OMES, which issues the monthly GRF reports.
Major tax categories in December contributed the following amounts to the GRF:
- Total income tax collections of $252.7 million were $4.7 million, or 1.8 percent, below the estimate and $15.4 million, or 6.5 percent, above the prior year.
Individual income tax collections of $231.1 million were $22.1 million, or 10.6 percent, above the estimate and $31.2 million, or 15.6 percent, above the prior year.
Corporate income tax collections of $21.6 million were $26.8 million, or 55.4 percent, below the estimate and $15.8 million, or 42.3 percent, below prior year. Refunds for the month were more than three times the amount refunded in the same month last year.
- Sales tax collections of $175 million were $2.8 million, or 1.6 percent, above the estimate and $10 million, or 6.1 percent, above the prior year.
- Gross production tax collections of $38.2 million were $13.1 million, or 52.2 percent, above the estimate and $3.6 million, or 10.3 percent, above the prior year.
Oil collections of $27.1 million were $6.4 million, or 31.1 percent, above the estimate and $5.9 million, or 18 percent, below prior year.
Gas collections of $11.2 million were $6.7 million, or 150.1 percent, above the estimate and $9.5 million, or 578.8 percent, above the prior year.
- Motor vehicle tax collections of $20.6 million were $6.7 million, or 47.9 percent, above the estimate and $6.2 million, or 42.5 percent, above the prior year.
- Other revenue collections of $61.2 million were $0.7 million, or 1.1 percent, above the estimate and $3.2 million or 5.4 percent, above the prior year.
Monthly revenue tables are available on the OMES website: http://www.ok.gov/OSF/News/December_2014_Financial_Report_Data_Tables.html
