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October 22, 2020

News
Lost Revenue Sparks Need for New ODOT Debt

The state is moving forward with plans to fund upcoming projects of the Oklahoma Department of Transportation with money raised by issuing bond debt.

October 19, 2020

News
Oklahoma DOT bringing revenue bond deal

The Oklahoma Department of Transportation will price $193 million of revenue bonds in two series on October 20, 2020

September 17, 2020

News
New Capitol visitors entrance unveiled

State officials on Wednesday unveiled the new Capitol visitors entrance on the southeast side. During the administration of former Gov. Mary Fallin, lawmakers approved $245 million in bonds for repairs to the interior and exterior of the Capitol, which was plagued by plumbing, electrical and infrastructure issues.

September 15, 2020

Press Release
August General Revenue Collections Slightly Above Estimate

General Revenue Fund collections in August were $438.4 million and came in at $4.1 million, or 0.9%, above the monthly estimate. This is $13.0 million, or 2.9%, below collections in August of 2019. Overall August collections met expectations, but were lower compared to August of 2019 due to the continued depression of gas production tax and decline of other collections.

“This month’s collections were largely boosted by unemployment remittances and timing of corporate income tax payments,” said OMES Director Steven Harpe. “These anomalies should not be expected to continue in other months, especially after federal assistance payments are fulfilled and deferred tax payments are received.”

Income taxes continued with a second month of outperforming prior year collections due to unemployment relief and changes in income filing requirements. Sales tax collections growth to the General Revenue Fund was also not economically driven, but the result of the August 2019 sales tax being reduced by a one-time, $22 million allocation to other state funds. According to the State Treasurer’s August’s Gross Receipts Report, gross sales receipts were down by 4.4%.

Major tax categories in August contributed the following amounts to the GRF:

  • Total income tax collections of $183.3 million were $12.8 million, or 7.5%, above the estimate and $2.4 million, or 1.3%, above the prior year.
  • Individual income tax collections of $180.9 million were $12.0 million, or 7.1%, above the estimate and $1.7 million, or 1.0%, above the prior year.
  • Corporate income tax collections of $2.4 million were $802,000, or 51.7%, above the estimate and $683,000, or 40.9%, above the prior year.
  • Sales tax collections of $174.3 million were $2.3 million, or 1.3%, above the estimate and $7.3 million, or 4.4%, above the prior year.
  • Gross production tax collections of $9.9 million were $3.4 million, or 25.5%, below the estimate and $5.5 million, or 35.8%, below the prior year.
  • Natural Gas collections of $9.9 million were $3.4 million, or 25.5%, below the estimate and $5.5 million, or 35.8%, below the prior year.
  • Oil collections have not yet met the $150 million cap before contributing to General Revenue and were not estimated for August.
  • Motor vehicle tax collections of $2.3 million were $0.5 million, or 29.6%, above the estimate and $0.1 million, or 4.5%, below the prior year.
  • Other revenue collections of $68.6 million were $8.2 million, or 10.7%, below the estimate and $17.1 million, or 19.9%, below the prior year.

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As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the State Treasurer, are all revenues remitted to the Oklahoma Tax Commission.

Revenue tables can be viewed on the OMES website: https://omes.ok.gov/pages/august-2020-financial-data-tables

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May 5, 2020

News
Bond Buyer - Oklahoma Limits Budget Cuts, Preserves School Funding

Bond Buyer Article Summarizing the fiscal year 2021 state budget.

May 4, 2020

News
Legislature Reaches FY'21 Budget Agreement

The fiscal year 2021 budget adopted by the legislature utilizes cuts and one-time funds to develop a balanced budget.

February 1, 2020

News
Extreme Makeover: Capitol Edition

Oklahoma Living takes a look at the Oklahoma State Capitol renovations.

December 13, 2019

News
First Americans Museum selected as new name

The long-awaited American Indian Cultural Center and Museum in Oklahoma City is getting a new name.

City and tribal officials announced Thursday (12/12/19) the facility will be called the First Americans Museum. Museum officials say the old name was unwieldy and that the term “Indians” is historically inaccurate.