The Norman Transcript

Government

February 6, 2013

January gross receipts make history

NORMAN — Oklahoma’s economy reached a number of milestones as it showed expansion in January, State Treasurer Ken Miller said Tuesday as he released the state’s monthly gross receipts to the treasury report.

“For the first time in Oklahoma history, January gross receipts exceeded $1 billion,” Miller said. “Income tax withholding set an all-time record, as did total sales tax collections.”

Miller said the record collections reflect economic recovery and are not related to increased tax rates that have been cut over the past several years.

“This month’s treasury report illustrates that Oklahoma’s economy is doing well with individual earnings and spending up more than ever before,” he said.

Total gross collections topped $1.009 billion for the month. Income tax withholding in January was $268 million. The previous withholding record was $246.3 million, set in January 2012. Gross sales tax collections this month were $365.3 million. The previous sales tax record was $364.9 million, set in December.

January receipts from all sources grew by 1.4 percent from the prior year, and collections for the past 12 months were up by 3.2 percent. Gross production collections in January fell by 15.6 percent from the prior year.

“The state economy is showing its resilience, even as collections from the production of oil and natural gas continue to underperform,” he said.

Collections from the past 12 months are $1.74 billion higher than when gross receipts bottomed out in February 2010. More than 90 percent of the revenue lost from the peak of the expansion cycle in December 2008 has now been recovered.

Other positive signs: Miller said more positive economic news can be found in the most recent unemployment figures, which set Oklahoma’s December unemployment rate at 5.1 percent. That compares to a national rate of 7.9 percent. One year ago, the state’s unemployment rate was 6.3 percent.

The latest Business Conditions Index for Oklahoma report bodes well for the state’s economy. The January survey shows Oklahoma with a rating of 53.8, compared to 52.1 in December. Numbers above 50 indicate anticipated growth. According to the survey, Oklahoma has among the best performing economies in the region.

Text Only | Photo Reprints
Government
  • Earth Day activities continue this week

    Oklahoma is no stranger to extreme weather, but many say those extremes are even greater than before. Norman resident and biologist Kathy Rand is convinced those climate irregularities are a result of climate change caused by pollution, ...

    April 24, 2014

  • Dorman wants bipartisan appeal

    Rep. Joe Dorman said he’s proud to be a Democrat running for governor, but he hopes to garner bipartisan support. In a visit Wednesday to the Transcript, Dorman said, if elected, he wants to work across party lines like former Gove. Henry ...

    April 24, 2014

  • Council OKs $48.8M contract for wastewater plant upgrades

    The Norman City Council awarded a $48.8 million project for wastewater treatment plant upgrades Tuesday. The council accepted a $50.3 million low-interest loan from the Clean Water State Revolving Fund....

    April 23, 2014

  • Craft breweries new category of Okla. made

    Norman will now recognize Oklahoma brewers to allow craft breweries to operate under special licensing. On Tuesday, the city council approved the creation of an additional category of Oklahoma Brewer to the city’s fee schedule for ...

    April 23, 2014

  • City home first to include gray water system

    Neighbors are likely to be green with envy when Allen and Sallie Ahlert have a beautiful lawn and garden without paying extra for city water in the future. That’s because the Ahlerts are including a gray water system in the new home they ...

    April 22, 2014

  • Anti-abortion picketers target Moore schools

    MOORE — Moore City Council member Robert Krows said problems with picketers at schools have gravitated from Norman to Moore and parents are concerned....

    April 22, 2014

  • Oklahoma receives $77.18M tobacco settlement payment

    Oklahoma recieved $77.18 million in annual payments from the tobacco industry under the national Master Settlement Agreement. With the latest receipts, Oklahoma has received $1.16 billion since payments began in 1999. State Treasurer Ken ...

    April 22, 2014

  • Congressman Cole reflects on recovery

    Congressman Tom Cole’s home in Moore was not hit by the May 20 tornado but it came pretty close. His wife has made it clear she wants a saferoom, he said. In a visit to the Transcript on Friday afternoon, Cole talked about tornado ...

    April 19, 2014

  • Oklahoma Water Resources Board grants Norman low-interest loan for facility upgrade

    Norman has been authorized for a $50.3 million loan from the Oklahoma Water Resources Board to fund Phase 2 of the Norman Water Reclamation Facility upgrade. “It’s the single largest loan OWRB has made,” Norman Mayor Cindy Rosenthal said. ...

    April 17, 2014

  • General fund continues to decline as expenses exceed anticipated revenues

    Norman’s expenses will again outstrip projected revenue in the current budget before the city council. The budget for the fiscal year that starts in July and ends June 30, 2015, projects $210,982,020 in total revenues and $213,436,778 in ...

    April 16, 2014

Video
Facebook