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General Revenue Fund collections fall short of estimate

October 9, 2018

OKLAHOMA CITY – Despite record-breaking gross receipts, Oklahoma’s general revenue fund collections came in below the estimate.

The treasurer’s office announced last week that Oklahoma’s September gross receipts to the treasury surpassed the prior record with a total of about $1.2 billion. The Office of Management and Enterprise Services released its monthly report on Tuesday, and its tone was more somber. Collections were below the estimate by $8.2 million, or 1.5 percent. However, the $545 million in total contributions to the fund was up about 8 percent over last September.

OMES Director Denise Northrup explained in the report that Oklahomans should take gross receipt numbers with a grain of salt. There is growth, she said, but that growth is already figured into the budget. Estimates and lawmakers’ appropriation both take the growth projections into account.

“Strong gross revenue performance should not overshadow the fact that the (fiscal year) 2019 budget was built on these estimates that we are currently matching,” she is quoted in part. “Simply put, the numbers we are seeing are not currently indicating (fiscal year) 2019 will produce a windfall.”

A few transfers played a role in keeping the GRF from reaching its estimate. About $19.5 million was transferred to the Oklahoma Higher Learning Access Program, or OHLAP. Legislation passed this year required officials to transfer $25 million to the State Highway Construction and Maintenance Fund and $4 million to the Oklahoma Railroad Maintenance Revolving Fund in September.

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