Senate Budget Leader Lauds Economic Growth Reflected In Latest Revenue Report

The latest revenue report from the Office of State Finance is further evidence that Oklahoma's economy is growing and state economic policies are working, according to a Senate budget leader.

"The numbers tell the story, and in this case, it's a very encouraging story," said Senator Cal Hobson, vice-chairman of the Senate Appropriations Committee.

"It may surprise or upset some of our local economic naysayers, but not only is our growth better than last year, it's outpacing the projections of the budget analysts this year. That means our economic policies are working so well that even the experts are having trouble keeping up with our economic growth."

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

According to the report, tax collections increased by $17.8 million in November, an 7.4 percent increase from the same period last year. The tax collection total for the first five months of this fiscal year is up by $99.9 million or 7.4 percent higher than the same period last year.

More importantly, tax collections are outperforming projections with the current total 5.2 percent higher than the state estimate.

"When tax collections are up, it indicates the economy is expanding. That's good news for both the public and private sectors," said Senator Hobson.

"I know some people at the Capitol predicted Oklahoma was ripe for an economic slump this year, but the facts indicate their predictions were way off the mark."

Senator Hobson is hoping other state leaders will recognize the good news and use it to promote the state.

"A good salesman would use these numbers to promote Oklahoma and attract new industry. If he wants to be an effective economic recruiter, Governor Keating will make them a part of his sales pitch."