Oklahoma Revenue Rise Tapering Off
Tuesday, December 11th 2007, 6:10 am
By: News On 6
OKLAHOMA CITY (AP) -- State Treasurer Scott Meacham says state government will have very little growth revenue for next year's budget because of slowing economic activity and tax cuts. Meacham has been keeping a close eye on the economy since a revenue report in November showed declines in sales, income and natural gas tax collections for the month of October.
He says a new report, due out today, quote, "will not be as bad."
He made his remarks from Hawaii, where he has been since the dedication of the USS Oklahoma Memorial last Friday.
Meacham says the Oklahoma economy is still growing, but not at the rate it had been over the last four years.
He says a combination of the slower growth rate and the financial impact of record tax cuts will mean less revenue will be available for lawmakers to spend on new programs or to beef up such priorities as education and highways.