General Revenue Funds up to start Fiscal Year 2015
Published: August 12th, 2014
OKLAHOMA CITY — In the first month of Fiscal Year 2015, General Revenue Fund (GRF) collections exceeded prior year collections by 14.9 percent and beat the official estimate by 17.3 percent.
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 state budget.
Made up of nearly 70 revenue sources, the GRF is where all taxes flow except those dedicated to specific programs.
July GRF collections of $471 million were $61.2 million, or 14.9 percent, above prior year collections and $69.6 million, or 17.3 percent, above the official estimate upon which the FY 15 appropriated state budget is based. FY 15 began July 1.
“It’s nice to start this year strong after seeing GRF collections miss the estimate almost every month last year,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “There is still a long road ahead with various risks that could affect revenues along the way, but a good start is always better than a bad one.”
FY 14 GRF collections were essentially flat compared to FY 13 and missed the official estimate by $283.3 million, or 4.8 percent, which nearly caused mandatory appropriation reductions to agencies.
“If the GRF has bumps again this year, it will almost surely be for noneconomic reasons of government’s own creation,” Doerflinger said “All indications point to continuance of the thriving, growing state economy enjoyed since 2011 that is keeping Oklahomans employed while increasing personal wealth and government revenues. The question, as always, will be how much of that revenue reaches the state budget for discretionary spending.”
Doerflinger is director of the Office of Management and Enterprise Services, which issues the monthly GRF reports.
Major tax categories in July contributed the following amounts to the GRF:
• Total income tax collections of $215.1 million were $49.2 million, or 29.7 percent, more than prior year collections and $66.8 million, or 45.1 percent, above the estimate.
Individual income tax collections of $206.8 million were $48.2 million, or 30.4 percent, more than prior year collections and $75 million, or 56.9 percent, above the estimate.
Corporate income tax collections of $8.3 million were $1.1 million, or 14.5 percent, above prior year collections and $8.1 million, or 49.4 percent, below the estimate.
• Sales tax collections of $172.8 million were $3.9 million, or 2.3 percent, more than prior year collections and $1.5 million, or 0.9 percent, below the estimate.
• Gross production tax collections of $11.4 million were $336,000, or 3.1 percent, less than prior year collections and $5.5 million, or 32.6 percent, below the estimate. Natural gas collections constituted the full deposit to the GRF. No oil collections were received or expected because of statutory requirements directing the first $150 million in oil collections to designated funds, mostly for education.
• Motor vehicle tax collections of $18.5 million were $229,000, or 1.2 percent, less than prior year collections and $1.6 million, or 9.3 percent, more than the estimate.
Other revenue collections of $53.3 million were $8.6 million, or 19.3 percent, more than prior year collections and $8.2 million, or 18.2 percent, above the estimate.