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GRF collections dip 10 percent in August file:///Y|/...eneral%20Revenue%20Collections%20OEMS/GRF%20collections%20dip%2010%20percent%20in%20August.htm[9/23/2013 3:48:58 PM] GRF collections dip 10 percent in August State of Oklahoma Office of Management and Enterprise Services sent this bulletin at 09/10/2013 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 Sept. 10, 2013 GRF collections dip 10 percent in August Higher than usual tax refunds drive receipts below projections OKLAHOMA CITY — Unusually high income tax refunds contributed to General Revenue Fund (GRF) collections dropping 10 percent below last year’s receipts in August and missing the official estimate by 17.4 percent. “This was a single-month collection anomaly rather than any reflection of Oklahoma’s economy. One month does not diminish the strength Oklahoma’s economy has shown for going on three years now,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. Total GRF collections in August were $347.6 million, down $38.8 million or 10 percent from the same month a year ago, according to the monthly GRF report generated by the Office of Management and Enterprise Services (OMES). OMES manages the GRF, the main operating fund for Oklahoma’s state budget. The GRF is where all state taxes and fees flow, except those earmarked or dedicated to specific programs. The August reduction was caused mainly by reduced income tax collections, which fell $40.2 million or 27.9 percent from last year. The Oklahoma Tax Commission reported that it is processing far more corporate and personal income tax refunds at this time of the year than it normally does, which has led to temporary distortions of income tax collections. As a result, the GRF received no corporate income tax Receive Updates
Object Description
Okla State Agency |
Management and Enterprise Services, Oklahoma Office of |
Okla Agency Code |
'090' |
Title | General revenue fund collections, 08/2013 |
Authors |
Oklahoma. Office of Management and Enterprise Services. Doerflinger, Preston L. |
Publication Date | 2013-08 |
Publication type | Newsletter |
Purpose | GRF collections dip 10 percent in August, Higher than usual tax refunds drive receipts below projections; |
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/8a60be |
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 |
Month/year uploaded | September 2013 |
Date created | 2014-10-28 |
Date modified | 2014-10-28 |
OCLC number | 890226189 |
Description
Title | GRF collections dip 10 percent in August 1 |
Full text | GRF collections dip 10 percent in August file:///Y|/...eneral%20Revenue%20Collections%20OEMS/GRF%20collections%20dip%2010%20percent%20in%20August.htm[9/23/2013 3:48:58 PM] GRF collections dip 10 percent in August State of Oklahoma Office of Management and Enterprise Services sent this bulletin at 09/10/2013 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 Sept. 10, 2013 GRF collections dip 10 percent in August Higher than usual tax refunds drive receipts below projections OKLAHOMA CITY — Unusually high income tax refunds contributed to General Revenue Fund (GRF) collections dropping 10 percent below last year’s receipts in August and missing the official estimate by 17.4 percent. “This was a single-month collection anomaly rather than any reflection of Oklahoma’s economy. One month does not diminish the strength Oklahoma’s economy has shown for going on three years now,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. Total GRF collections in August were $347.6 million, down $38.8 million or 10 percent from the same month a year ago, according to the monthly GRF report generated by the Office of Management and Enterprise Services (OMES). OMES manages the GRF, the main operating fund for Oklahoma’s state budget. The GRF is where all state taxes and fees flow, except those earmarked or dedicated to specific programs. The August reduction was caused mainly by reduced income tax collections, which fell $40.2 million or 27.9 percent from last year. The Oklahoma Tax Commission reported that it is processing far more corporate and personal income tax refunds at this time of the year than it normally does, which has led to temporary distortions of income tax collections. As a result, the GRF received no corporate income tax Receive Updates |
Date created | 2013-09-27 |
Date modified | 2013-09-27 |
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