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Treasurer says FY2014 up 4% from 2013
Wed July 2, 2014
State Agencies Take Cuts Despite Increase in Tax Collections
Oklahoma’s revenue collections for the 2014 fiscal year ended on a high note at the end of last month with receipts coming in more than 4% above June of 2013.
But, as KOSU’s Michael Cross reports, while the money keeps coming in, state agencies continue to feel the pinch.
Most state agencies saw a reduction of more than 5% from lawmakers and the governor at the end of the 2014 session and recently 66 agencies were reduced another 0.12%.
State Treasurer Ken Miller says the increase in gross receipts, but shortfall in the general revenue budget can’t be blamed on tax cuts over the past decade.
“But, I think there is something to the credits and incentives and the deductions because that is where you see a difference between gross receipts and what goes in the general revenue fund.”
Miller also says there are issues with allocations taken off the top of collections which never make it into general revenue such as a college scholarship fund, roads and oil and gas payback.
He points to increases in all tax indicators like income and sales as well as a low unemployment to show Oklahoma’s economy is doing well.