Oklahoma General Revenue Fund Collections In April Fall Below Estimate

Tuesday, May 10th 2016, 4:03 pm
By: News On 6

The Oklahoma State Treasurer's Office says April General Revenue Fund collections were below the estimate by 12.8 percent.

The General Revenue Fund is state government’s main operating fund, so it's a key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget.

The treasurer's office said even though April's collections were below the estimate, further cuts to state agencies are unlikely, according to a news release.

The collections in March were above the estimate for the first time since July 2015.

March General Revenue Fund collections were $394.2 million, which was $3.1 million, or 0.8 percent above the official estimate.

4/12/2016: Related Story: Oklahoma General Revenue Fund Collections Beat Estimate

April GRF collections of $611 million were $89.4 million, or 12.8 percent, below the official estimate upon which the Fiscal Year 2016 appropriated state budget was based. They were $62.3 million, or 9.2 percent, below prior year collections.

Most state agencies have seen monthly general revenue allocations for FY 2016 reduced by seven percent due to a midyear revenue failure in the GRF. The reductions were required to maintain a balanced budget amid declining revenue collections caused by sustained low oil prices.

“April was weak, but it will not cause further midyear general revenue allocation reductions to agencies,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “Current agency allocation levels projected and accounted for down months like April for the remainder of the fiscal year. Barring something drastic, the General Revenue Fund should finish the year without additional across-the-board reductions to agencies.”

Total GRF collections for the first ten months of FY 2016 were $4.3 billion, which is $413.2 million, or 8.7 percent, below the official estimate and $448.8 million, or 9.4 percent, below prior year collections.

Doerflinger is director of OMES, which issues the monthly GRF reports.