Oklahoma Finance Officials Don't Expect Windfall This Year

Wednesday, October 10th 2018, 2:33 am
By: News On 6

State finance officials say collections to Oklahoma's main operating fund came in slightly below the official estimate last month and that Oklahomans shouldn't expect much of a financial windfall this year.

"The first quarter year-to-date numbers are running essentially flat at 0.7 percent above estimate. Additionally, strong gross revenue performance should not overshadow the fact that the FY 2019 budget was built on these estimates that we are currently matching," stated OMES Director Denise Northrup. 

"Simply put, the numbers we are seeing are not currently indicating FY 2019 will produce a windfall." 

The Office of Management and Enterprise Services announced Tuesday that collections to Oklahoma's General Revenue Fund in September were about 1.5 percent below the monthly estimate.

OMES News Release

Although overall collections to the state treasury have been strong, OMES Director Denise Northrup says collections to its main operating fund are in line with the official estimate for the first quarter. The state budget is based on the official estimate.

For September, overall corporate and individual income tax collections to the general fund exceeded the estimate, while gross production taxes on oil and gas came in below the estimate.

The Associated Press contributed to this report.