Public Information Officer
Tuesday, March 13, 2001
For immediate release
FEBRUARY GENERAL REVENUE FUND COLLECTIONS TOP PRIOR YEAR ESTIMATE
(OKLAHOMA CITY) General Revenue Fund collections topped prior year receipts by 25.1 percent and the Office of State Finance's estimate by 21.8 percent during February, state finance officials reported Tuesday.
Preliminary reports show General Revenue Fund collections totaled $294.1 million for February. That amount was:
"At first glance, these numbers are rather deceiving," said Shawn Ashley, Public Information Officer for the Office of State Finance. "February is usually the lowest single month of collections for the entire fiscal year. So when February collections from income taxes and the gross production tax on natural gas exceed the prior year and the estimate by a good margin, the result is a disproportionately large difference compared against the prior year and estimate benchmarks.
"Collections will not exceed last year's collections or the estimate by more than 20 percent when the fiscal year ends in June," Ashley said. "I feel confident, however, that collections will exceed the estimate as the Tax Commission projected."
In February, the Tax Commission projected FY-01 revenue collections would exceed the estimate by $253.7 million or 5.7 percent, funds which would be deposited in the Constitutional Reserve or "Rainy Day" Fund. As of February, year-to-date collections are $167.3 million or 5.9 percent ahead of the estimate.
Income taxes -- This source yielded $70.4 million to the FY-01 General Revenue
Fund, which was $12.2 million or 20.9 percent above the prior year and $6.1
million or 9.4 percent above the estimate.
Individual returns produced $69.8 million, which was $10.6 million or 18.0 percent above the prior year and $5.6 million or 8.7 percent above the estimate. Corporate returns produced $0.6 million which was $ 1.6 million or 155.5 percent above the prior year and $0.4 or 397.2 percent above the estimate.
Sales tax -- The state's number two revenue source produced $87.3 million for general revenue, up $1.2 million or 1.4 percent from the prior year but $2.3 million or 2.6 percent below the estimate.
Gross production taxes -- This tax on natural gas accounted for $66.9 million for general revenue, which was $44.8 million or 202.8 percent above the prior year and $49.4 million or 282.2 percent above the estimate.
Motor vehicle taxes -- This source, based on motor vehicle sales and licenses,
produced $19.3 million, which was $5.6 million or 22.6 percent below the prior
year and $5.5 or 22.2 percent below the estimate.
Other Revenue -- Other revenue, which includes a wide range of sources such as cigarettes, liquor, insurance and inheritance taxes, interest and investments, produced $50.2 million. This was $6.5 million or 14.8 percent above the prior year and $10.9 million or 4.9 percent above the estimate.
Chart I and Chart II