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Caution needed as tax collections continue slide

OKLAHOMA CITY — General Revenue Fund (GRF) collections in December missed the official monthly estimate by 12.3 percent and are 2.7 percent below the estimate for the first six months of the fiscal year as most major tax categories lagged behind projections.

“The news is not as good as we might have hoped coming out of the holiday season,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “This will be a challenging time as we face a nearly $900 million budget hole and a necessity to find more recurring revenue sources. As I’ve said many times, we’re not going to cut our way out of this situation.”

Sales tax collections continue slide; receipts remain below yearly estimate

OKLAHOMA CITY — An unexpectedly high deposit from individual income tax collections pushed November’s General Revenue Fund (GRF) 7.3 percent above the monthly estimate, but with sales tax collections continuing to slide the total receipts for the fiscal year remained below the estimate.

“We’ve been saying for more than a few months now that the sales tax collections are some of the more troubling numbers,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “Sales tax collections are probably a better gauge of where things stand than the fluctuating income tax receipts.”

Collections fall 1.8 percent below estimate for the year

OKLAHOMA CITY – General Revenue Fund (GRF) collections in October missed the official estimate by 10.8 percent and fell below the estimate for the first four months of the fiscal year as oil prices remain low and sales tax collections continue to slide.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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.

The GRF’s final FY 2016 account reconciliation showed mandatory midyear funding cuts required by the state’s revenue failure declaration can now be reduced, making $140.8 million available for immediate allocation.

Gov. Mary Fallin is exploring a special legislative session to use the $140.8 million as part of a teacher pay raise package.

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.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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.

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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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