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Caution needed as tax collections continue slide
Sales tax collections continue slide; receipts remain below yearly estimate
Collections fall 1.8 percent below estimate for the year
Previous month’s anomalies corrected as income, sales taxes miss estimate
OKLAHOMA CITY — With personal income tax and other revenue making a correction and sales tax continuing to decline, total General Revenue Fund (GRF) receipts were 12.4 percent below the September estimate.
Sales tax declines continue
OKLAHOMA CITY – Collection anomalies caused total General Revenue Fund (GRF) receipts to surge 31 percent above the estimate in August, while sales tax collections to the GRF continued a lengthy decline.
Declines persist, but are not as deep as recent months
OKLAHOMA CITY – Ongoing sales tax declines contributed to monthly General Revenue Fund (GRF) collections opening the new fiscal year below the estimate, albeit by a smaller margin than in recent months.
Midyear cut level reduction leaves $140.8M available for allocation
OKLAHOMA CITY – June General Revenue Fund (GRF) collections missed the estimate by 12.6 percent, causing total Fiscal Year 2016 collections to end the year $541.3 million, or 9.4 percent, short of the estimate.
Corporate income tax refunds again exceed collections
OKLAHOMA CITY — Tax incentives for wind producers again contributed to corporate income tax refunds exceeding monthly collections in May, further depleting General Revenue Fund (GRF) proceeds already weakened by the ongoing effects of low oil prices.
Collections beat estimate for first time since July
OKLAHOMA CITY — General Revenue Fund collections in March exceeded the estimate for the first time since July 2015.
Similar revenue declines expected for remainder of fiscal year
OKLAHOMA CITY - February General Revenue Fund (GRF) collections missed the estimate by 18 percent, the farthest margin below the estimate so far this fiscal year.
FY 2017 budget hole projected at $1.3B
OKLAHOMA CITY — The appropriated budget hole for Fiscal Year 2017 will be $1.3 billion.
Board of Equalization meets Tuesday to update revenue certification
OKLAHOMA CITY — The appropriated budget hole for Fiscal Year 2017 is expected to grow to $1.3 billion next week.
Deeper midyear reductions necessary
OKLAHOMA CITY — General Revenue Fund (GRF) collections continued tumbling in January, missing the estimate by 17.2 percent and the prior year by 16.2 percent, as the effects of low oil prices became more pronounced.