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Oklahoma General Revenue Fund collections continue to miss estimates

Christian Fernsby ▼ | June 12, 2020
General Revenue Fund collections in May were $490.1 million and came in at $65.5 million, or 11.8%, below the monthly estimate.
Oklahoma capitol
General Revenue Fund   Oklahoma capitol
This amount is $83.8 million, or 14.6%, below collections in May of 2019. Total GRF collections over the first 11 months of fiscal year 2020 were $552.3 million, or 8.8%, below the estimate, and $472.2 million, or 7.6%, below prior year collections for the same period.

Topics: Oklahoma

Total income tax collections of $191.6 million were $25.2 million, or 15.2%, above the estimate and $37.0 million, or 23.9%, above the prior year.

Individual income tax collections of $189.3 million were $27.4 million, or 16.9%, above the estimate and $48.3 million, or 34.3%, above the prior year.

Gross production tax collections of $28.2 million were $55.7 million, or 66.4%, below the estimate and $44.0 million, or 61.0%, below the prior year.

Natural gas collections of $7.2 million were $23.2 million, or 76.4%, below the estimate and $20.0 million, or 73.6%, below the prior year.

Oil collections of $21.0 million were $32.5 million, or 60.7%, below the estimate and $24.0 million, or 53.3%, below the prior year.

Motor vehicle tax collections of $7.3 million were $4.8 million, or 194.4%, above the estimate and $15.9 million, or 68.4%, below the prior year.

Other revenue collections of $99.0 million were $10.8 million, or 9.9%, below the estimate and $35.7 million, or 26.5%, below the prior year.


 

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