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.
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