Revenue Growth Continues State Policies Working

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.

"All of the numbers point to one, indisputable conclusion. Oklahoma is on an economic roll," said Senator Kelly Haney, chairman of the Senate Appropriations Committee.

"Our economy is growing so fast that even the budget experts can't keep up with it. The economic plan for Oklahoma is right on track."

Senator Haney was referring to the December revenue collection report issued by the Office of State Finance today.

According to the report, tax collections increased by $32.6 million in December, a 12.3 percent increase over the same period last year. The tax collection total for the first half of this fiscal year is up by $132.5 million or 8.2 percent higher than the same period last year.

More importantly, tax collections are outperforming projections with the current total 5.3 percent higher than the state estimate.

"When tax collections are up, it indicates the economy is expanding. The latest numbers not only reflect growth, they show that we're growing faster than the experts said we would," said Senator Haney.

"That's great news for everyone, from the biggest business to the average worker."

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.