February stats for sales tax collections and links to sign up for upcoming finance trainings.
OMES posted their monthly report on 3/12/2019 for the February General Revenue Fund collections. The GRF is collecting at 19.9% above estimate rates for February. Close examination shows that income taxes and gross production are clearly leading the way in state tax collections. Sales tax collections are still 2.5% below expectations for the month.
Total collections for the year are 6.8% above estimated value. As we continue through the fiscal year, we find that overall income tax and gross production collections clearly lead the way. A lag in sales tax gives some concern, but it will be surprising if the main collection areas don’t continue to show growth. The Christmas season did cause an unexpected issue in sales tax collections, and if there is an uptick in oilfield activity, we could see a resumption of excess sales tax collection.
The April finance report will contain the June and mid-term state aid projections. Further, we have scheduled 2 budget workshops with Tom Cameron and Associates on April 10 in Tulsa and on April 17 in OKC. These events are free will cover building revenue and expenditure budgets, calculating balance forwards (carryover) and auditing the student population. Register for either event using the links above.
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One thing I hear from schools all the time is that they need textbooks. With the hits school budgets have been taking, schools haven’t had the money to adopt new textbooks, and now the textbook fund has been completely zeroed out.
Last Tuesday was quite a day in case you haven’t heard. The governor’s office issued an executive order to require discussion of "administrative services" consolidation in all schools that spend less than 60% of their revenue in the classroom.
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