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GRF receipts miss estimate by 5.3% in May file:///Y|/...0Revenue%20Collections%20OEMS/GRF%20receipts%20miss%20estimate%20by%205_3%25%20in%20May.htm[6/17/2014 2:23:22 PM] GRF receipts miss estimate by 5.3% in May Office of Management and Enterprise Services sent this bulletin at 06/10/2014 01:46 PM CDT -- MEDIA RELEASE -- For Immediate Release PRESTON L. DOERFLINGER Director and Secretary of Finance, Administration and Information Technology MARY FALLIN Governor State of Oklahoma Office of Management and Enterprise Services June 10, 2014 GRF receipts miss estimate by 5.3% in May Corporate income tax yields no collections after refunds OKLAHOMA CITY — General Revenue Fund (GRF) collections in May fell 5.3 percent short of the official estimate after another month of lower than projected corporate income tax collections. As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual state budget. Made up of nearly 70 revenue sources, the GRF is where all taxes flow except those dedicated to specific programs. May GRF collections of $449.5 million were $5.9 million, or 1.3 percent, below prior year collections and $25.3 million, or 5.3 percent, below the official estimate upon which the Fiscal Year 2014 appropriated state budget is based. FY 14 year-to-date GRF collections total $5 billion, which is $9.1 million, or 0.2 percent, below prior year collections and $251.8 million, or 4.8 percent, below the estimate. May’s decline was driven by continued shortfalls in corporate income tax collections to the GRF. Oklahoma collected $9.1 million in corporate income taxes in May, but none of it reached the GRF because refunds totaled $15.4 million. As a result, May became the third month this fiscal year during which the GRF received no corporate income tax revenue. Receive Updates Share on facebookShare on twitterShare on google_plusone_shareShare on emailMore Sharing Services
Object Description
Okla State Agency |
Management and Enterprise Services, Oklahoma Office of |
Okla Agency Code |
'090' |
Title | General revenue fund collections, 05/2014 |
Authors |
Oklahoma. Office of Management and Enterprise Services. |
Publication Date | 2014-06-10 |
Publication type | Newsletter |
Purpose | GRF receipts miss estimate by 5.3% in May, Corporate income tax yields no collections after refunds; |
For all issues click |
M500.6 G326r |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://content.govdelivery.com/accounts/OKOMES/bulletins/bce98b |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Language | English |
Date created | 2014-06-24 |
Date modified | 2014-06-24 |
OCLC number | 890231276 |
Description
Title | May 2014 1 |
Full text | GRF receipts miss estimate by 5.3% in May file:///Y|/...0Revenue%20Collections%20OEMS/GRF%20receipts%20miss%20estimate%20by%205_3%25%20in%20May.htm[6/17/2014 2:23:22 PM] GRF receipts miss estimate by 5.3% in May Office of Management and Enterprise Services sent this bulletin at 06/10/2014 01:46 PM CDT -- MEDIA RELEASE -- For Immediate Release PRESTON L. DOERFLINGER Director and Secretary of Finance, Administration and Information Technology MARY FALLIN Governor State of Oklahoma Office of Management and Enterprise Services June 10, 2014 GRF receipts miss estimate by 5.3% in May Corporate income tax yields no collections after refunds OKLAHOMA CITY — General Revenue Fund (GRF) collections in May fell 5.3 percent short of the official estimate after another month of lower than projected corporate income tax collections. As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual state budget. Made up of nearly 70 revenue sources, the GRF is where all taxes flow except those dedicated to specific programs. May GRF collections of $449.5 million were $5.9 million, or 1.3 percent, below prior year collections and $25.3 million, or 5.3 percent, below the official estimate upon which the Fiscal Year 2014 appropriated state budget is based. FY 14 year-to-date GRF collections total $5 billion, which is $9.1 million, or 0.2 percent, below prior year collections and $251.8 million, or 4.8 percent, below the estimate. May’s decline was driven by continued shortfalls in corporate income tax collections to the GRF. Oklahoma collected $9.1 million in corporate income taxes in May, but none of it reached the GRF because refunds totaled $15.4 million. As a result, May became the third month this fiscal year during which the GRF received no corporate income tax revenue. Receive Updates Share on facebookShare on twitterShare on google_plusone_shareShare on emailMore Sharing Services |
Date created | 2014-06-24 |
Date modified | 2014-06-24 |