Through the first four months of FY-15, allocations to the General Revenue Fund (GRF) exceed the estimate by $82.4 million or 4.7 percent, according to the Office of Management and Enterprise Services. Net income tax, a combination of personal and corporate income taxes, are above the estimate by $90.3 million or 12.6 percent. Sales taxes top the estimate by $11 million or 1.6 percent. Motor vehicle allocations are ahead of the estimate by $4 million or 5.9 percent. Gross production taxes on oil and natural gas are below the estimate by $16.8 million or 26.5 percent. Other sources are off the estimate by $6.1 million or 2.5 percent. Collections in October from oil and natural gas production exceeded the prior year by only one-tenth of one percentage point, reflecting recent lower prices. That compares to an increase of almost 15 percent in gross production collections during the past 12 months. The only major revenue stream falling below collections from last October is the routinely volatile corporate income tax, which is down by more than 44 percent. Over the past year, corporate collections have been below the same month of the prior year five times. Twelve-month corporate collections are below the prior period by almost $74 million. ----- KGOU produces journalism in the public interest, essential to an informed electorate. Help support informative, in-depth journalism with a donation online, or contact our Membership department.
State Treasurer Monthly Report for October Says Revenues Climb
Oklahoma Treasurer's Office
