Oklahoman: Budgeting ‘Hype’ Leads To Erroneous Shortfall Claims
Oklahoma budgeting omissions add some perspective to ‘shortfall’ claims
by The Oklahoman Editorial Board
RECENT reports show that, once again, Oklahoma’s economy is doing fairly well. That’s a bit of a problem for lawmakers because it’s becoming impossible to ignore the disconnect between reports of economic growth and simultaneous claims of state budget “shortfalls.”
A report from the Bureau of Economic Analysis shows Oklahoma’s per-person consumer spending soared nearly 16 percent from 2009 to 2012. In Oklahoma, per-person spending was $31,391 in 2012, compared with $27,154 in 2009. Only North Dakota did better, with an increase of 28 percent during the same period. Both states are benefiting from energy booms.
On average, people have more to spend in Oklahoma today than they did just a few years ago. That means state government should be collecting more tax revenue. And it is.
State Treasurer Ken Miller reported that 12-month gross revenue collections in Oklahoma have surged 25 percent since February 2010; July’s collections were the most in state history for that month.