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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
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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 |
| Date created | 2013-09-27 |
| Date modified | 2013-09-27 |
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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