Oklahoma's recovery from the national recession is more broad-based than just energy, state finance official says.
By Michael McNutt | Published: August 15, 2012
Oklahoma began its new fiscal year with positive revenue growth as three of the four major revenue sources showed gains in July, state finance officials said Tuesday.
“Weakness in energy prices, plus rebates, led to a reduction in the rate of growth in total collections, but we made up for that in other areas as consumer confidence remained high,” state Finance Secretary Preston Doerflinger said. “That helped total receipts to beat the official estimate by more than 5 percent.”
Total collections for the general revenue fund, the main funding source for government, were $389.1 million, up $6.4 million, or 1.7 percent, from a year ago. The amount collected for the month was $20 million and 5.4 percent above the estimate for the 2013 fiscal year, which began July 1.
“I've been amazed so far by the resiliency of the Oklahoma economy, in midst of the ups and downs of some areas,” Doerflinger said. “Our July general revenue fund collections provide more evidence that our recovery from the recession has been more broad-based than some may think.” FULL ARTICLE
Wed, August 15, 2012
by John Cox