The Norman Transcript

Opinion

June 12, 2014

Summer dip in revenue

NORMAN — June General Revenue Fund collection numbers will be an important barometer for state government. May revenue fell 5.3 percent short of the official estimate. If the trend continues and the state finishes the year more than 5 percent below estimates, automatic budget cuts will hit state agencies, just as they begin the new fiscal year.

Overall collections for the year that ends June 30 are down 4.8 percent. Oklahoma officials and those in other states say corporate income tax collections are down nationwide but they say there is no need to panic. They expect the revenue stream to level off in coming months.

Preston L. Doerflinger, Oklahoma’s secretary of finance, administration and information technology, said, “Corporate is always volatile, so no one should rush to conclusions or point fingers at businesses for following tax law.

The net annual growth in every other major category shows our economy is still strong and further underscores the noneconomic nature of the isolated revenue issues seen elsewhere.”

May’s General Revenue Fund collections of $449.5 million were $5.9 million, or 1.3 percent, below prior year collections and $25.3 million, or 5.3 percent, below the official estimate upon which the Fiscal Year 2014 appropriated state budget is based. FY 14 year-to-date GRF collections total $5 billion, which is $9.1 million, or 0.2 percent, below prior year collections and $251.8 million, or 4.8 percent, below the estimate.

With one month remaining in FY 14, combined sales, gross production and motor vehicle tax collections to the GRF are above prior year collections by $183.7 million. However, those gains have been largely offset by corporate income tax declines. YTD corporate income tax collections to the GRF total $246.4 million, which is $135.4 million, or 35.5 percent, below prior year collections and $151 million, or 38 percent, below the estimate.

Breaking news, severe weather alerts, AMBER alerts, sports scores from The Norman Transcript are available as text messages right to your phone or mobile device. You decide which type of alerts you want to receive. Find out more or to signup, click here.

1
Text Only | Photo Reprints
Opinion
  • Improving children’s lives

    Social service organizations that have long-term debt for their headquarters and operating needs often spend much of their fundraising efforts meeting those obligations....

    July 29, 2014

  • Nutritional article should be accurate

    I read with interest the July 13 article “Are low-carb diets really healthy?” by Cassidie Day. Unfortunately, a number of statements in this article were incorrect. The first problematic statement was, “Carbs are an essential nutrient ...

    July 29, 2014

  • Hospital story headline was too sensationalized

    Editor, The Transcript: On July 18, The Transcript ran a front page article with the headline “Lawsuit filed against Norman Regional — Civil suit alleges improper billing practices by NRH and contracted physicians groups.” As a first page ...

    July 29, 2014

  • Congress should close gaps

    Of all of Edward Snowden’s revelations about electronic surveillance by the National Security Agency, the most unsettling was that the government was accumulating vast numbers of records about the telephone calls of American citizens. In ...

    July 27, 2014

  • Border obsession overlooks trade

    Texas Gov. Rick Perry made headlines recently by ordering 1,000 National Guard troops to the border. This bravado comes at a price: $12 million a month. Perry plans to send the bill the federal government. That’s one way to finance your ...

    July 27, 2014

  • Intercession badly needed in this world

    Yesterday was my feast day, or as the Italians call it, my “onomastico.” Since I live in the United States, it went completely unnoticed. If I lived in Italy, however, I would have been showered with cards and phone calls. That’s because ...

    July 27, 2014

  • Help better than commentary

    For the last seven years, I have helped run Hands Helping Paws, an animal welfare and rescue group that fosters Norman’s abandoned animals and advocates for spay and neuter initiatives to reduce our community’s problems with stray and ...

    July 27, 2014

  • Stick to the sports

    Editor, The Transcript: Why must we, especially us nice conservatives, be subjected to political commentary in a sports column? I hear/view Fox News routinely and find their coverage quite acceptable. I also hear/view CNN and MSNBC. I ...

    July 27, 2014

  • Corporation Commission should should evaluate quakes, fracturing

    Editor, The Transcript: Is your house at risk of being damaged in an earthquake because of fracking? Maybe. We’ve seen more earthquakes and tremors in Oklahoma seven months into 2014 than in the two previous years combined. At the same ...

    July 27, 2014

  • Norman can stop fracking before it escalates

    Editor, The Transcript: There are 163 fracked wells within Norman city limits. With growing attention to health and safety concerns, the city is considering changes to the existing oil and gas ordinance....

    July 27, 2014