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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We all have those people who say, ‘Well, back in my day…’ and then begin to tell you how it was in the good old days or the bad old days. We are working in a unique time and place in Oklahoma history; I believe we have probably seen more changes to budget allocations in the past three years than probably in any three-year period of history. This has truly been a wild ride and not in a fun way.
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