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.
A list of scholarships, contests, grants, events and other important opportunities for educators.
Oklahoma's financial picture is fragmented right now. Hurricane Harvey is wreaking havoc on the commodities markets, and previously established values are not necessarily holding true right now.
The end of January brings February and the legislative session. The past three years have brought significant stress during the legislative session, but it does appear Oklahoma is in the midst of recovery. January 24th was the first time in a long time that the U.S. crude oil benchmark.
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