The latest revenue report from the Office of State Finance indicates continued growth in the Oklahoma economy, a sign that the state's economic policies are on the right track, according to a Senate budget leader.
"It continues to be the same old song, but I'm certainly not tired of hearing it. Whenever revenue collections increase, it means our economy is growing and that's good news for everyone in Oklahoma," said Senator Kelly Haney, chairman of the Senate Appropriations Committee.
Senator Haney was referring to the May revenue collection report issued by the Office of State Finance today.
According to the report, tax collections increased by $57.2 million in May, a 19.9 percent increase over the same period last year and 22.4 percent above the estimate. The tax collection total for the first 11 months of this fiscal year is up by $303 million or 9.7 percent higher than the same period last year.
More importantly, FY '97 tax collections are outperforming projections with the current total running 7.3 percent higher than the state estimate.
"When the economy grows faster than the experts predicted it would, it's a great compliment to the state's economic policies and our overall business climate. We're definitely on the right track," said Senator Haney.
The Seminole legislator said the latest numbers should help boost Oklahoma's economic recruitment efforts.
"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.