March General Revenue Fund Collections Beat Estimate
By: Constitution Staff
General Revenue Fund (GRF) collections in March were $405.5 million and came in at $21.4 million, or 5.6 percent, above the monthly estimate. This amount is $53.5 million, or 15.2 percent, above collections in March of 2017. Total collections over the first nine months of the fiscal year which began July 1, 2017, were $4.0 billion which is $141.8 million, or 3.7 percent, above the year-to-date estimate and $468.5 million, or 13.4 percent, over the year-to-date for 2017.
“I’m encouraged to see strong returns in March after coming up short in February,” said Office of Management and Enterprise Services (OMES) Director Denise Northrup. “With motor vehicle and gross production collections continuing to fall below year-to-date estimates, it is still time to be cautious.”
Total income tax collections came in at $125.4 million, and were $25.8 million, or 25.9 percent, above the estimate. Sales tax came in slightly above the estimate at $4.8 million, or 2.9 percent, and corporate income tax made no contribution to the GRFund for the month.
“At the February Board of Equalization meeting, projections indicated that by the end of FY 2018 we would be up 5.5 percent or just over $300 million. At this point we are only 3.7 percent above our estimate and it is questionable if we will see that additional growth revenue with only three months left in the fiscal year,” Northrup said.
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 and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.
Denise Northrup is the Director of OMES, which issues the monthly GRF reports.
Major tax categories in March contributed the following amounts to the GRF:
Total income tax collections of $125.4 million consisted entirely of individual income tax collections and were $25.8 million, or 25.9 percent, above the estimate and $345,000, or 0.3 percent, below the prior year.
Corporate income tax collections made no contribution to the General Revenue Fund from March collections and none were estimated to be received due to previous years’ history.
Sales tax collections of $167.5 million were $4.8 million, or 2.9 percent, above the estimate and $21.4 million, or 14.6 percent, above the prior year.
Gross production tax collections of $31.3 million were $12.6 million, or 28.6 percent, below the estimate and $11.2 million, or 55.9 percent, above the prior year.
Natural gas collections of $25.6 million were $4.4 million, or 14.8 percent, below the estimate and $7.8 million, or 44.1 percent, above the prior year.
Oil collections of $5.7 million were $8.1 million, or 58.8 percent, below the estimate and $3.4 million, or 147.4 percent, above the prior year.
Motor vehicle tax collections of $19.2 million were $1.0 million, or 5.3 percent, above the estimate and $0.9 million, or 4.8 percent, above the prior year.
Other revenue collections of $62.1 million were $2.4 million, or 4 percent, above the estimate and $20.3 million, or 48.7 percent, above the prior year.
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