The final Fiscal Year 2016 revenues for the state of Oklahoma came in nearly 10 percent below the official estimate and they showed once again, oil and gas revenues were dismal not only for June but for the year. Wait till you read just how much.
June General Revenue Fund collection missed the estimate by 12.6 percent, causing total Fiscal year 2016 collections to end the year $541.3 million or 9.4 percent short of the estimate, according to a release from the Oklahoma Office of Management and Enterprise Services.
But OMES Secretary Preston Doerflinger said the final FY 2016 account also showed mandatory midyear funding cuts required by the state’s revenue failure declaration can now be reduced, making $141.8 million available for immediate allocation.
Of the major categories, gross production tax collections of $6.6 million for June were $9.3 million or 58.6 percent below the estimate and $114,400 or 1.8 percent above the previous year.
Natural gas collections of $5.7 million were $1.7 million or 42.7 percent above the estimate. There was no GRF contribution from June 2015 collections.
The oil collections for June totaled only $895,000 which made them $11 million or 92.5 percent below the state’s estimate. they were also $5.6 million or 86.2 percent below the prior year.
Motor vehicle tax collections totaled $36 million, or 66 percent more than the official estimate. For the year, they were $17.7 million or o6.6 percent above the previous year.