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GRF collections exceed estimate, less than August 2018

September 10, 2019

OKLAHOMA CITY (JR) – General Revenue Fund collections in August totaled $451.4 million.

Collections for the month were $2.8 million, or 0.6%, more than the monthly estimate but $3.2 million, or 0.7%, less than collections in August 2018.

“For the second month of the new fiscal year, gross production collections to the GRF have fallen below both the estimate and prior-year collections,” said John Budd, Office of Management and Enterprise Services director. “This is concerning. Fortunately, to this point other revenue sources have offset the lower collections and our total year-to-date GRF collections are holding at 3.3% above the estimate.”

Total income tax collections for August totaled $180.9 million, $7.5 million, or 4%, less than the estimate but $23.4 million, or 14.8%, more than the prior year.

Individual income tax collections of $179.2 million were $3.9 million, or 2.1%, below the estimate and $21.7 million, or 13.8%, above the prior year.

Corporate income tax collections totaled $1.7 million, $3.6 million, or 68.2%, less than the estimate. Corporate income tax was net zero last August.

Sales tax collections for August were $167 million, $4 million, or 2.5%, more than the estimate and $10.1 million, or 6.4%, above the prior year.

Gross production tax collections of $15.4 million were $7.8 million, or 33.7%, below the estimate and $11.7 million, or 43.2%, less than the prior year.

Natural gas collections of $15.3 million were $7.9 million, or 33.9%, below the estimate and $5.4 million, or 26.2%, below the prior year.

Oil collections totaled $39,000 are negligible and were not estimated for the month of August. General Revenue will not receive significant oil collections until the $150 million cap to specified funds is met.

Motor vehicle tax collections of $2.4 million were $400,000, or 17.2%, above the estimate and $15.3 million, or 86.3%, below the prior year.

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