General revenue fund collections, 05/2014

              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.
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