OKLAHOMA CITY — General revenue receipts were within 1 percentage point of expectations in May and kept the state on track to finish fiscal year 2019 with a balance of approaching $400 million in its primary operating fund, a report released Tuesday indicates.
“It looks like the state will finish this fiscal year in a strong position,” said Office of Management and Enterprise Services Director John Budd. “I’m thrilled with the prospect of being able to start off the next fiscal year with a significant deposit into the state’s Rainy Day Fund.”
The OMES’ monthly general revenue report said the fund has received almost $6.2 billion through the end of May, or nearly $365 million more than expected for the first 11 months of FY 2019.
Overages at the end of the fiscal year on June 30 are deposited into the constitutional reserve, commonly known as the Rainy Day Fund. That figure does not include the 5% cushion — around $300 million — built into state budgets. The $365 million overage could grow — or shrink — depending on June revenue.
May general revenue was $573.9 million, which was about $5 million above projections and $76.2 million more than for the same month a year ago.
The two largest revenue sources, sales taxes and income taxes, came in at $189.4 million and $154.6 million respectively. Sales taxes were slightly above projections, income taxes slightly below.
Gross production taxes brought in $72.1 million, which was 18% below expectations but 37% above the same month a year ago.
“Personal income tax collections were impacted by increased rebates and credits, and gross production collections remain volatile reflecting the uncertainty of lower prices early in 2019 when oil prices were still below $50 per barrel,” Budd said.
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