Oklahoma’s new state treasurer Randy McDaniel is throwing words of caution to state legislators about moving ahead carefully to create any new state programs that would require additional funding.
Writing in his first Oklahoma Economic Report, McDaniel suggested lawmakers should not move too quickly just because there is additional tax revenue this legislative session.
“A more prudent course of action would be to ensure the primary functions of state government—education, transportation, public safety, and public health—are properly funded,” wrote McDaniel.
“History has taught us that while revenue collections may currently be on the rise, we need to be prepared for inevitable downturns in the economy,” he added.
While McDaniel did not specifically credit any industry with the increase in revenues, the state’s energy industry played a big role in it. As the Treasurer’s first report indicated, gross receipts to the treasury grew at a double-digit pace, increasing by more than $1.5 billion in the calendar year 2018.
Gross receipts for the year were slightly less than $13 billion and grew by 13.2 percent compared to the 2017 calendar year collections.
“Oklahoma’s economy has been performing admirably,” Treasurer
McDaniel said. “Gross receipts have improved significantly, while
unemployment remains low. These and other economic indicators point to a favorable outlook for the state, but could be restrained by the downturn in energy prices, global trade uncertainty, and stock market volatility.”
Read the Economic Report by clicking here.