Monthly revenue misses estimate for fourth consecutive month - KSWO 7News | Breaking News, Weather and Sports

Monthly revenue misses estimate for fourth consecutive month

Oklahoma City_Press Release_Monthly general revenue fund collections have failed to meet the estimate for the fourth consecutive month while year-to-date collections remain slightly above the estimate, State Treasurer Scott Meacham announced today.

Preliminary reports show general revenue fund collections for April are

$654.8 million. That amount is:

* $23.4 million or 3.5 percent below the prior year; and

* $23.4 million or 3.4 percent below the estimate.

"If the current trend continues, we should finish the fiscal year in two months with sufficient revenue to meet the state's spending obligations," said Meacham, who also serves as the governor's cabinet secretary for finance and revenue. "However, we will likely make little to no deposit to the Rainy Day Fund."

Revenue collections would have to exceed 100 percent of the estimate for the fiscal year for a Rainy Day Fund deposit to be made. Year-to-date collections currently exceed the estimate by only $2.5 million or 0.1 percent. The Rainy Day Fund currently contains $571.6 million.

State spending is limited to 95 percent of the estimate. In the event annual collections come in below the estimate, there is a five percent cushion before any cuts in state allocations would be required.

In April, net income taxes, a combination of personal and corporate income taxes, produced $359.9 million, which is $34.2 million or 8.7 percent below the prior year and $45.3 million or 11.2 percent below the estimate.

Personal income tax produced $328.5 million, which is $14 million or 4.1 percent below the prior year and $11.8 million or 3.5 percent below the estimate. Corporate income tax collections were $31.4 million, which is

$20.3 million or 39.2 percent below the prior year and $33.5 million or

51.6 percent below the estimate.

The state sales tax produced $110.7 million for the month, which is

$23.9 million or 17.8 percent below the prior year and $28.7 million or

20.6 percent below the estimate. The Tax Commission reports a one-time refund of approximately $30 million was paid during the month to an energy company that erroneously paid excess tax earlier in the fiscal year.

The gross production tax on oil and natural gas yielded $92.6 million for the month, which is $35 million or 60.7 percent above the prior year and $42.6 million or 85.3 percent above the estimate.

Motor vehicle taxes produced $25.1 million, which is $0.1 million or 0.3 percent below the prior year but $2.4 million or 10.4 percent above the estimate.

For April, investments by Treasurer Meacham yielded $12.7 million. That is $4.7 million or 58.7 percent above the prior year.

Other revenue, including Meacham's investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others produced $66.4 million for the month of April. This is $0.2 million or 0.3 percent below the prior year but $5.6 million or 9.3 percent above the estimate.

  • Local NewsNewsMore>>

  • Saudi women in driver's seat as longstanding ban is lifted

    Saudi women in driver's seat as longstanding ban is lifted

    Sunday, June 24 2018 4:24 AM EDT2018-06-24 08:24:57 GMT
    Sunday, June 24 2018 8:07 PM EDT2018-06-25 00:07:15 GMT
    (AP Photo/Nariman El-Mofty). Hessah al-Ajaji drivers her car down the capital's busy Tahlia Street after midnight for the first time in Riyadh, Saudi Arabia, Sunday, June 24, 2018. Saudi women are in the driver's seat for the first time in their countr...(AP Photo/Nariman El-Mofty). Hessah al-Ajaji drivers her car down the capital's busy Tahlia Street after midnight for the first time in Riyadh, Saudi Arabia, Sunday, June 24, 2018. Saudi women are in the driver's seat for the first time in their countr...

    Saudi women steered their way through busy streets for the first time just minutes after the world's last remaining ban on women driving was lifted.

    Saudi women steered their way through busy streets for the first time just minutes after the world's last remaining ban on women driving was lifted.

  • Lawton YMCA hosts 5-K color run

    Lawton YMCA hosts 5-K color run

    Sunday, June 24 2018 7:52 PM EDT2018-06-24 23:52:32 GMT
    (Source KSWO)(Source KSWO)
    (Source KSWO)(Source KSWO)

    Lawton's YMCA held it's first annual 5-K color run today to raise money for those members that are in need of financial assistance.

    Lawton's YMCA held it's first annual 5-K color run today to raise money for those members that are in need of financial assistance.

  • Lawton resident finds bobcat near home

    Lawton resident finds bobcat near home

    Sunday, June 24 2018 7:51 PM EDT2018-06-24 23:51:33 GMT
    (Source KSWO)(Source KSWO)
    (Source KSWO)(Source KSWO)

    Some Lawton residents are complaining about seeing bobcats near their home.

    Some Lawton residents are complaining about seeing bobcats near their home.

Powered by Frankly