State Revenues Up. Again.
January 12, 2018 - 10:02am CST
The latest press release from the Oklahoma Treasurer shows another month of revenue growth. With this past December exceeding the collections from December 2016, it marks the eighth straight month of year-over-year increases in revenue collections.
Just over one billion dollars was collected during the month of December. That was $107.9 million more from the prior year, a 10.7% increase. Of that $107.9 million, $24.2 million was attributable to new legislative changes made during the 2017 regular session.
The collections from December bring the total of revenue collected for the current fiscal year to $5.7 billion. That is a $493 million increase versus the same six months of the last fiscal year, of which $107 million was generated by new legislation. This means that 78.3% of the revenue growth for this fiscal has been created by economic growth in the state.*
There is a clear trend of improved economic health in Oklahoma which has resulted in more revenue for state government. If this growth was paired with much-needed spending reforms, Oklahoma could ensure the most vulnerable are protected without increasing the burden on taxpayers.
*These are preliminary numbers compiled from the Oklahoma Treasurer’s economic reports and press releases.