General Revenue Fund collections in September were $554.3 million and were received at $9.2 million, or 1.7%, above collections in September of 2018. This is $36.8 million, or 6.2%, short of the monthly estimate. In total, GRF collections over the first quarter of fiscal year 2020 were $56.5 million, or 3.9%, above prior year collections for the same period, and $6.4 million, or 0.4%, below the estimate.
In a statement on the recent numbers, John Budd, director of the Office of Management and Enterprise Services, said “Though gross production collections continue to come in below estimates and the prior year, other sources have largely offset cumulative effects over the first three months of the new fiscal year,”
“Even with rig counts at an historic low and natural gas prices declining following a larger than expected inventory buildup, we do see some signs of economic growth,” he said.
Major tax categories in September contributed the following amounts to the GRF:
- Total income tax collections of $319.6 million were $16.9 million, or 5.6%, above the estimate and $43.4 million, or 15.7%, above the prior year.
Individual income tax collections of $251.6 million were $1.4 million, or 0.5%, below the estimate and $28.6 million, or 12.8%, above the prior year.
Corporate income tax collections of $68 million were $18.2 million, or 36.6%, above the estimate and $14.8 million, or 27.8%, above the prior year.
- Sales tax collections of $158.1 million were $0.4 million, or 0.3%, above the estimate and $8.6 million, or 5.7%, above the prior year.
- Gross production tax collections of $13.4 million were $36.6 million, or 73.2%, below the estimate and $18.4 million, or 57.9%, below the prior year.
Natural gas collections of $13.3 million were $22.2 million, or 62.5%, below the estimate and $18.5 million, or 58.1%, below the prior year.
Oil collections of $65,000 were $14.5 million, or 99.6%, below the estimate and $46,500, or 248.1%, above the prior year.
- Motor vehicle tax collections of $2.5 million were $0.6 million, or 32.1%, above the estimate and $13.2 million, or 84.4%, below the prior year.
- Other revenue collections of $60.8 million were $18 million, or 22.9%, below the estimate and $11.2 million, or 15.5%, below the prior year.