Senate Budget Leader Lauds Revenue Growth
The latest revenue report from the Office of State Finance confirms what legislative leaders have suspected for years: the state's economic policies are stimulating strong and steady growth across Oklahoma.
"Just when we thought the revenue figures couldn't get any better, they have." said Senator Kelly Haney, chairman of the Senate Appropriations Committee.
"Oklahoma's economic growth is kind of like the Energizer Bunny. It keeps going and going and going and going. Our economic policies are keeping the state right on track."
Senator Haney was referring to the January revenue collection report issued by the Office of State Finance today.
According to the report, tax collections increased by $33.5 million in January, an 8.7 percent increase over the same period last year. The tax collection total for the first seven months of this fiscal year is up by $166 million or 8.3 percent higher than the same period last year.
More importantly, tax collections are outperforming projections with the current total 5.5 percent higher than the state estimate.
"We're growing faster than the budget trackers predicted we would. That's great news for everyone, from the biggest business to the average worker," said Senator Haney.
The Seminole legislator said the latest numbers should help boost Oklahoma's economic recruitment efforts.
"Success breeds success. When business prospects from other states see how well we're doing, it increases the likelihood that they will bring their jobs here. This revenue report may not generate banner headlines, but it is the strongest piece of evidence to date that our economic policies are working," added Senator Haney.