The Norman Transcript

Editorials

April 5, 2014

Collections, job gains portend better economy

NORMAN — It’s just a blip on the state’s economic radar screen but one that might portend better times ahead. The state’s unemployment rate dropped from 5.2 percent in January to 5 percent in February.

At the same time, the national unemployment rate remained unchanged at 6.7 percent. Both are reassuring numbers that the fragile economy withstood some harsh winter conditions that could have slowed growth.

State Treasurer Ken Miller this week said revenue collections in March grew by more than 4 percent over the same month a year earlier. Energy production, personal income taxes and sales taxes lead the growth spurt.

The Associated Press reports collections have exceeded the prior year 10 times in the past year. Oil and gas taxes are up for the 11th consecutive month.

For March, gross collections were $985 million, up $40 million from March 2013. Gross income tax collections, a combination of personal and corporate income taxes, generated $387 million, an increase of $20 million from last year.

The Associated Press reports sales tax collections, including remittances on behalf of cities and counties, total $343.84 million in March. That is $16.26 million ahead of March 2013. Gross production taxes on oil and natural gas generated $75.57 million in March, an increase of $8.69 million, or 13 percent, from the prior year.

Between April 2013 and March 2014, gross revenue totaled $11.57 billion, $469 million higher than collections for the previous 12-month period.

Gross income taxes generated $4.15 billion for the period, reflecting an increase of $140.02 million from the prior 12 months, according to the AP.

Breaking news, severe weather alerts, AMBER alerts, sports scores from The Norman Transcript are available as text messages right to your phone or mobile device. You decide which type of alerts you want to receive. Find out more or to signup, click here.

1
Text Only | Photo Reprints
Editorials
  • Noting a life well lived

    James Garner never intended to be a movie and television star. He just kind of lucked into it, he would tell those who asked. If you have the itch to act, get a good-paying job and spend your free time at your local community theater, he ...

    July 22, 2014

  • Recount that really matters

    Americans have been hearing a lot about Congressional elections, but there’s another one halfway around the globe that will matter far more....

    July 22, 2014

  • Runoffs get no respect

    The Aug. 26 Republican runoff election for the Cleveland County District 3 commissioner post is one of only 18 races on ballots around the state. Only two races are statewide — the Democrat contests for U.S. Senator nominee and state ...

    July 22, 2014

  • What’s causing these earthquakes?

    Much of north central Oklahoma has been experiencing about an earthquake a day this year. Statewide, there have been 2,270 small earthquakes so far compared to 2,848 in all of 2013. The question of whether oilfield “fracking” and ...

    July 19, 2014

  • Bankers and the pot biz

    It’s not a problem in Oklahoma — and probably won’t be for a long time, if ever — but bankers in states that allow medical and recreational marijuana have trouble dealing with marijuana-related businesses....

    July 18, 2014

  • Shelter petitioners face big challenge

    The debate over who should fund storm shelters for public schools has moved from politicians to the people....

    July 18, 2014

  • More jobs needed to boost economy

    Federal Reserve Chair Janet Yellen’s cautious optimism about the nation’s economy was reassuring to the stock market Tuesday. Yellen said the economy continued to improve but the recovery is not yet complete....

    July 17, 2014

  • Technology fights crime

    Cellular telephones are being used to solve crimes every day. Drivers routinely call in and report bad drivers, suspected drunk drivers or suspicious activity....

    July 17, 2014

  • Pesky red cedars

    A trip through the countryside in just about any area of the state will give you a drive-by view of red cedar infestation. Acreage is being gobbled by the trees that grow fast and consume considerable water....

    July 15, 2014

  • Inhofe to the rescue

    Oklahoma’s senior U.S. Senator Jim Inhofe is a hero to many rural fire departments this week. Sen. Inhofe brokered a way for the firefighters to continue receiving surplus military vehicles for firefighting....

    July 12, 2014