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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Please find the critical occupations list attached and the bullets below for the collections update for January.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Revenue Outlook – January 2022<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraphCxSpFirst" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level1 lfo1">
Current General Revenue collections, through January 2022 continue to trend above the monthly estimates.<o:p></o:p></li></ul>
<p class="MsoListParagraphCxSpMiddle"><o:p> </o:p></p>
<ul style="margin-top:0in" type="disc">
<ul style="margin-top:0in" type="circle">
<li class="MsoListParagraphCxSpMiddle" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level2 lfo1">
January general revenue collections were 29.0%, or $199.2 million above the monthly estimate.<o:p></o:p></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level2 lfo1">
The total general revenue collections through January 2022 are 21.1% above the estimate which equates to $808.8 million in recurring revenue through January 2022.<o:p></o:p></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level2 lfo1">
The corporate income tax revenue has met the five-year average, therefore, 25% of the excess has been deposited into the Constitutional Reserve (Rainy Day Fund) with the first deposit for FY22 in an amount of $10.2 million.<o:p></o:p></li></ul>
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<o:p> </o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraphCxSpMiddle" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level1 lfo1">
Individual Income Tax Collections and corporate taxes posted a net $79.7 million increase (24.7%) above the January estimates.
<o:p></o:p></li></ul>
<p class="MsoListParagraphCxSpMiddle"><o:p> </o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraphCxSpMiddle" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level1 lfo1">
Sales tax collections were up $33.5 million (17.9%) above the estimate for the month, and $149.8 million or 17.0% above the estimate for first seven months for the fiscal year.<o:p></o:p></li></ul>
<p class="MsoListParagraphCxSpMiddle"><o:p> </o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraphCxSpLast" style="margin-left:0in;mso-add-space:auto;mso-list:l0 level1 lfo1">
Gross Production Collections were up $67.2 million, or 140.8% above estimates driven by high oil prices at $91/per barrel at the end January.<o:p></o:p></li></ul>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Please let me know if you have any questions. Thank you.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Sheri Mauck<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">smauck@osrhe.edu<o:p></o:p></span></p>
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