The Norman Transcript

Local news

March 5, 2013

Treasurer: Collections dipped in February

NORMAN — Oklahoma revenue collections dipped slightly in February, the fifth such occurrence in the past year, State Treasurer Ken Miller said Monday as he released the state’s monthly gross receipts to the treasury report.

“As with last March, June, August and November, collections in February are lower than the same month of the prior year,” Miller said. “This follows 24 consecutive months of collections beating the prior year.”

Miller said economic growth continues, but at a more subdued pace.

“Our average growth rate between March 2011 and February 2012 topped 10 percent,” he said. “For the past 12 months, growth has averaged 2 percent.”

February gross collections were down by 2.4 percent, or almost $20 million, from February of last year. Oklahoma’s two biggest sources of revenue, income tax and sales tax, both grew — income by 1.4 percent and sales by 3.9 percent.

Gross production, motor vehicle taxes and other sources were all reported as lower than the prior year.

Monthly collections were marginally affected by the inclusion of a leap day last February.

Looking forward, Miller said the impact of a prolonged standoff in Washington over the federal budget and spending could eventually impact Oklahoma.

“The spillover effects of sequestration on household consumption and business investment are a concern and could hamper future growth,” he said. “The sequester cuts, which are disproportionately weighted toward the military, could weaken both national security and our state’s economy. Federal spending must be greatly reduced, but should be done strategically and include entitlement reform — the real spending problem in Washington.”

Positive business conditions: The latest Business Conditions Index for Oklahoma report anticipates continued economic growth, though slightly slower than in January’s report. The February survey shows Oklahoma with a rating of 52.5, compared to January’s 53.8. Numbers above 50 indicate anticipated growth.

According to the survey, Oklahoma’s economy is outperforming other states in the region as unemployment has dropped by two percentage points since the recovery started and the state labor force has expanded by almost 40,000 jobs.

Text Only | Photo Reprints
Local news
  • N7 Sooners come together to serve Native American youth

    Whitney Wofford has faced some tough competition as a part of the Oklahoma tennis team. However, on Wednesday, Wofford may have taken on her biggest and most rewarding competition yet at the Sooners For N7 event at the Oklahoma football ...

    April 10, 2014 3 Photos

  • 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

  • Oklahoma’s superintendent attracts opponents

    OKLAHOMA CITY — The field of candidates running for state school superintendent is unusually large — a sign of broad interest in what observers say is sure to be a referendum on the incumbent, Dr. Janet Barresi....

    April 17, 2014

  • Human Rights Artist, activist-in-residence uses art to enlighten society

    La Puerta del Mileno, the Millennium Door, attempts to beckon travelers into the city walls of Ciudad Juarez, but the steel beams are abruptly interrupted as they reach for the sky by the eye of a child who sees the underlying message: the ...

    April 17, 2014 1 Photo

  • Women leaders announced

    The Norman Chamber announced the nominees for the 2014 Women’s Leadership Award, which honors female leaders who actively inspire other women to achieve their full potential.  Past recipients of this honor, formerly known as the ATHENA ...

    April 17, 2014

  • Ducks Unlimited night set

    Cleveland County’s chapter of Ducks Unlimited will host its annual “Sportsman Night” at 6 p.m. April 25 at the Optimist Club Gym in Norman....

    April 17, 2014

  • Record number of NPS students selected for Duke program

    A record number of Norman Public Schools seventh-graders have been selected for Duke University’s Talent Identification Search for State and National Recognition. Fifty-one students were identified via a competitive testing process for ...

    April 17, 2014

  • Fed says no to business help

    LEXINGTON — The federal government has turned down the state’s request for an economic injury declaration from the U.S. Small Business Administration following the Jan. 31 closure of the Lexington-Purcell bridge over the Canadian River....

    April 17, 2014

  • History group to host local book signing event

    Mae Davenport Cox will sign copies of “Red Dirt, River and Rails: Early-Day Settlers to Southern Cleveland County” from 10 a.m. to 3 p.m. Saturday at the Lexington Senior Citizen Center during ‘89er Day festivities....

    April 17, 2014

  • OU Staff Week to include daily activities

    The University of Oklahoma Norman campus Staff Week, set April 21-25, will feature many activities. The theme is “OU Staff: The Real Superheroes.” Donations of canned food for Food and Shelter may be brought to all activities except the ...

    April 17, 2014

Video
Facebook