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October GRF collections 5% over monthly estimate (PRESS RELEASE)

October GRF collections 5% over monthly estimate (PRESS RELEASE)

OMES.OK.Gov
Nov. 12, 2019

OKLAHOMA CITY — General Revenue Fund collections in October were $553.1 million and came in at $26.1 million, or 5.0%, above the monthly estimate. This amount is $33.0 million, or 6.3%, above collections in October of 2018. Total GRF collections over the first four months of fiscal year 2020 were $19.7 million, or 1.0%, above the estimate, and $89.4 million, or 4.5%, above prior year collections for the same period.

“Contributions to the GRF from income tax collections in the month of October, which were above the estimate, offset the below estimate contributions of gross production taxes and sales taxes,” said Director of the Office of Management and Enterprise Services John Budd.

“While year-to-date collections remain above the estimate, 1.0% is a slight margin and should remain our focus as fiscal year 2020 continues to unfold.”

Major tax categories in October contributed the following amounts to the GRF:

Total income tax collections of $282.8 million were $80.2 million, or 39.6%, above the estimate and $95.0 million, or 50.6%, above the prior year.

Individual income tax collections of $272.1 million were $69.5 million, or 34.3%, above the estimate and $84.3 million, or 44.9%, above the prior year.

Corporate income tax collections were $10.7 million and were estimated to be zero and were zero in the prior year.

Sales tax collections of $157.4 million were $13.6 million, or 8.0%, below the estimate and $28.8 million, or 15.4%, below the prior year.

Gross production tax collections of $31.9 million were $30.1 million, or 48.5%, below the estimate and $2.3 million, or 6.8%, below the prior year.

Natural gas collections of $13.6 million were $24.5 million, or 64.3%, below the estimate and $20.5 million, or 60.2%, below the prior year.

Oil collections of $18.3 million were $5.6 million, or 23.5%, below the estimate and $18.2 million, or 12,249.7%, above the prior year.

Motor vehicle tax collections of $3.1 million were $1.1 million, or 55.3%, above the estimate and $14.3 million, or 82.3%, below the prior year.

Other revenue collections of $77.9 million were $11.5 million, or 12.9%, below the estimate and $16.7 million, or 17.7%, below the prior year.

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, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the State Treasurer, are all revenues remitted to the Oklahoma Tax Commission.

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