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General Revenue Fund (GRF) collections in September totaled $562.8 million, which is $9.5 million, or 1.7%, above the monthly estimate.
This is $8.5 million, or 1.5%, above collections in September of 2019. Total GRF collections through the first three months of fiscal year 2021 are $1.8 billion, which is $82.3 million, or 4.8%, above the estimate, and $286.4 million, or 19.0%, above prior year collections for the same period.
“Similar to last month, unemployment remittances and federal stimulus are inflating total income tax collections,” said OMES Director Steven Harpe.
“Because Oklahoma is still recovering from job losses as a result of the economic impact of the COVID-19 pandemic, we should remain cautious in our outlook with state collections.”
Unemployment remittances continue to lift individual income tax collections and were enhanced by the emergency Lost Wages Assistance federal program. Monthly sales tax allocations of $22 million made to other funds in August through November of fiscal year 2020, but not renewed this year, increased General Revenue collections from prior year.
Major tax categories in September contributed the following amounts to the GRF:
• Total income tax collections of $320.7 million were $41.0 million, or 14.7%, above the estimate and $1.1 million, or 0.3%, above the prior year.
• Individual income tax collections of $252.9 million were $23.5 million, or 10.3%, above the estimate and $1.3 million, or 0.5%, above the prior year.
• Corporate income tax of $67.9 million were $17.5 million, or 34.7%, above the estimate and $0.2 million, or 0.3%, below the prior year.
• Sales tax collections of $169.4 million were $6.2 million, or 3.8%, above the estimate and $11.3 million, or 7.1%, above the prior year.
• Gross production tax collections of $9.8 million were $21.2 million, or 68.4%, below the estimate and $3.6 million, or 26.9%, below the prior year.
• Natural Gas collections of $9.8 million were $6.6 million, or 40.4%, below the estimate and $3.5 million, or 26.5%, below the prior year.
• Oil collections have not yet met the $150 million cap before contributing to General Revenue.
• Motor vehicle tax collections of $2.4 million were $0.8 million, or 48.3%, above the estimate and $36,000, or 1.5%, below the prior year.
• Other revenue collections of $60.5 million were $17.4 million, or 22.3%, below the estimate and $0.2 million, or 0.4%, below the prior year.
As state government’s main operating fund, the General Revenue Fund 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.