-- NEWS RELEASE --
For Immediate Release
Aug. 12, 2020
First month GRF collections rise above the estimate
OKLAHOMA CITY — General Revenue Fund collections in July were $790.5 million and came in at $68.8 million, or 9.5%, above the monthly estimate. This is $290.8 million, or 58.2%, above collections in July of 2019.
“The positive revenue performance early in this fiscal year was driven by a combination of delayed income tax submissions and deferred first quarter payments received for 2020,” said OMES Director Steven Harpe. "While our state collections are off to a positive start, with gas production collections continuing to encounter headwinds combined with the historic unemployment numbers our state has seen, we must prepare to take a cautious approach in the new fiscal year.”
Major tax categories in July contributed the following amounts to the GRF:
- Total income tax collections of $523.0 million were $55.0 million, or 11.8%, above the estimate and $282.3 million, or 117.2%, above the prior year.
Individual income tax collections of $410.4 million were $9.4 million, or 2.2%, below the estimate and $173.6 million, or 73.3%, above the prior year.
Corporate income tax of $112.6 million were $64.4 million, or 133.6%, above the estimate and $108.7 million, or 2,762.8%, above the prior year.
- Sales tax collections of $187.2 million were $5.3 million, or 2.9%, above the estimate and $8.5 million, or 4.8%, above the prior year.
- Gross production tax collections of $8.3 million were $3.8 million, or 31.5%, below the estimate and $9.3 million, or 52.8%, below the prior year.
Natural Gas collections of $8.3 million were $3.8 million, or 31.5%, below the estimate and $9.3 million, or 52.8%, below the prior year.
Oil collections have not yet met the $150 million cap before contributing to General Revenue and were not estimated for July.
- Motor vehicle tax collections of $3.0 million were $1.0 million, or 50.2%, above the estimate and $0.3 million, or 9.9%, below the prior year.
- Other revenue collections of $68.9 million were $11.3 million, or 19.5%, above the estimate and $9.7 million, or 16.4%, above 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.
Revenue tables can be viewed on the OMES website: https://omes.ok.gov/pages/july-2020-financial-data-tables
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About the Office of Management and Enterprise Services
The Office of Management and Enterprise Services provides financial, property, purchasing, human resources and information technology services to all state agencies, and assists the Governor’s Office on budgetary policy matters. Our mission: Provide excellent service, expert guidance and continuous improvement in support of our partners’ goals. For more information, visit OMES.OK.gov.