NORMAN —
Looking back on fiscal year 2011-12, Oklahoma State Treasurer Ken Miller said the state is “doin’ something right.”
Miller spoke at the annual Norman Chamber of Commerce Legislative Wrap-up luncheon Tuesday afternoon, detailing economic trends in the state based on tax collections.
Miller, who has a doctorate in economics from OU and formerly served in the Legislature, said Oklahoma has had great success in weathering and recovering from the national and global recession. He emphasized the importance of a diversified economy and a more broad taxation strategy as the state looks to the future.
“In Oklahoma, we really have learned some lessons from our past, relying too heavily on certain industries. We’ve been through some tough times and a lot of the relative success we’re enjoying today is because we didn’t repeat the mistakes of our past and learned those lessons,” Miller told the business leaders.
Citing Oklahoma’s gross tax receipts for last month, Miller expressed concern about a sharp decline in gross production taxes caused by a decrease in natural gas production. As natural gas prices continue to drop, energy companies are resorting to the more profitable alternative of oil production, dramatically cutting into the state’s revenue from collections taxes.
As Miller observed, this is a disconcerting trend for an industry that provides nearly a third of the state’s economy and has helped drive the state’s recovery.
“Extraction taxes on oil and gas were down last month by 34 percent, following drops of 26 percent in April and 36 percent in March, which is a pretty steep fall relating to energy tax collections from last year, and much of that has to do with natural gas,” Miller said.
Despite the slowdown, Miller said overall numbers for Oklahoma are positive, with growth in income and sales taxes boosting total revenue 5.8 percent from May 2011 numbers and 9.2 percent during the past 12 months.
In spite of renewed global uncertainty and a stagnation in employment growth for the U.S., Miller said Oklahomans remain confident in their economy, as the state boasts the third-highest growth in employment, third-lowest cost of living and fourth- highest growth of per capita income.
“If you think about a time in our nation’s history when the nation is still struggling to recover and balance their budget, Oklahoma, in two short fiscal years since we began recovery, has almost completely rebuilt its Rainy Day Fund. It’s remarkable,” Miller said.
In addition to Miller’s speech, two state House members — Rep. Emily Virgin, D-Norman, and Rep. Scott Martin, R-Norman, — and one state senator — Sen. John Sparks, D-Norman — gave brief overviews of legislation they considered personal accomplishments.
“One bill, which dealt with the Department of Environmental Quailty’s Water Re-use Program, that I got passed will allow municipalities and businesses to use reclaimed water for lawn maintenence and non-drinking purposes,” Virgin said. “I think Norman, as a very environmentally conscious community, will greatly benefit from this.”
Martin also was proud of environmentally centric legislation he spearheaded, citing the passage of a bill outlining a statewide plan for gray water as well as a bill dictating state facilities and university campuses improve energy consumption efficiency by 20 percent by the year 2020.
Martin called the inability of the county’s delegation to secure an additional judgeship frustrating and said he was hopeful the position could be added next session.
Sparks cited the effective, good interaction between Norman delegation members as a personal point of pride, saying they work together very well and keep disagreements among themselves, benefiting the Norman community.
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JULIE BRAGG | CNHI NEWS SERVICE Oklahoma State Treasurer Ken Miller said overall numbers for Oklahoma's economy remain positive. He spoke at Tuesday's Norman Chamber of Commerce meeting.
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State treasurer optimistic about Oklahoma's economy
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