Fiscal Year Ends On High Note
From The Treasurer's Office ~ Oklahoma's fiscal year has ended strongly with the rainy day fund receiving a $25 million deposit, filling it to capacity, and $82.8 million in surplus funds remaining, State Treasurer Scott Meacham announced today.
Preliminary reports show general revenue fund collections for Fiscal Year 2008 that ended June 30 totaled $5.953 billion. That amount was: $18.4 million or 0.3 percent above the prior year; and $107.8 million or 1.8 percent above the estimate.
This is the fourth consecutive year the rainy day fund has been filled to capacity with surplus funds remaining. These four years are the only years in the history of the rainy day fund that this critical fiscal safety net has been filled to its constitutional limit. The maximum balance of the rainy day fund is limited to 10 percent of the prior year's certified general revenue fund collections, which was $596.6 million in FY-2007.
Last year's fund balance was $571.6 million,allowing a maximum deposit of $25 million.
"High energy prices really drove collections, particularly in the last few months of the fiscal year," Meacham said. "Higher than expected collections in gross production taxes is the key reason the rainy day fund is full with money to spare. Stronger than expected gross production collections offset weaker than expected income tax and motor vehicle tax collections."
Gross production taxes on oil and natural gas yielded $825.2 million for the year, which was $185.7 million or 29 percent above prior year collections and $171 million or 26.1 percent above the estimate.
Net income taxes, a combination of personal and corporate income taxes, produced $2.518 billion, which was $254.6 million or 9.2 percent below the prior year and $88.2 million or 3.4 percent below the estimate.
Personal income tax collections for the year were $2.239 billion. That is $98.6 million or 4.2 percent below the prior year but $84.9 million or 3.9 percent above the estimate.
Corporate income tax collections were $279.1 million. That is $156 million or 35.9 percent below the prior year and $173.1 million or 38.3 percent below the estimate.
The state sales tax produced $1.612 billion for the year, which was $80.6 million or 5.3 percent above the prior year and $17.7 million or 1.1 percent above the estimate.
Motor vehicle taxes produced $251.7 million, which was $7.5 million or 2.9 percent below the prior year and $4.2 million or 1.6 percent below the estimate.
For the fiscal year, investments by Meacham yielded $171.4 million. That is $23.2 million or 15.6 percent above the prior year.
Other revenue, including the treasurer's investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others, produced $746.3 million for the year. This was $14.2 million or 1.9 percent above the prior year and $11.4 million or 1.6 percent above the estimate.
Preliminary reports show general revenue fund collections for Fiscal Year 2008 that ended June 30 totaled $5.953 billion. That amount was: $18.4 million or 0.3 percent above the prior year; and $107.8 million or 1.8 percent above the estimate.
This is the fourth consecutive year the rainy day fund has been filled to capacity with surplus funds remaining. These four years are the only years in the history of the rainy day fund that this critical fiscal safety net has been filled to its constitutional limit. The maximum balance of the rainy day fund is limited to 10 percent of the prior year's certified general revenue fund collections, which was $596.6 million in FY-2007.
Last year's fund balance was $571.6 million,allowing a maximum deposit of $25 million.
"High energy prices really drove collections, particularly in the last few months of the fiscal year," Meacham said. "Higher than expected collections in gross production taxes is the key reason the rainy day fund is full with money to spare. Stronger than expected gross production collections offset weaker than expected income tax and motor vehicle tax collections."
Gross production taxes on oil and natural gas yielded $825.2 million for the year, which was $185.7 million or 29 percent above prior year collections and $171 million or 26.1 percent above the estimate.
Net income taxes, a combination of personal and corporate income taxes, produced $2.518 billion, which was $254.6 million or 9.2 percent below the prior year and $88.2 million or 3.4 percent below the estimate.
Personal income tax collections for the year were $2.239 billion. That is $98.6 million or 4.2 percent below the prior year but $84.9 million or 3.9 percent above the estimate.
Corporate income tax collections were $279.1 million. That is $156 million or 35.9 percent below the prior year and $173.1 million or 38.3 percent below the estimate.
The state sales tax produced $1.612 billion for the year, which was $80.6 million or 5.3 percent above the prior year and $17.7 million or 1.1 percent above the estimate.
Motor vehicle taxes produced $251.7 million, which was $7.5 million or 2.9 percent below the prior year and $4.2 million or 1.6 percent below the estimate.
For the fiscal year, investments by Meacham yielded $171.4 million. That is $23.2 million or 15.6 percent above the prior year.
Other revenue, including the treasurer's investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others, produced $746.3 million for the year. This was $14.2 million or 1.9 percent above the prior year and $11.4 million or 1.6 percent above the estimate.
Labels: Oklahoma Economy, Rainy Day Fund, Scott Meacham
posted by Mike McCarville @ 6:42 PM
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