Moore
Rainy Day fund at maximum level
Treasurer predicts continued growth
By M. Scott Carter
American Staff Writer
OKLAHOMA CITY -- For the second year in a row, the state's Rainy Day Fund will be funded to its maximum capacity, state Treasurer Scott Meacham said Tuesday.
Meacham, D-Oklahoma City, said the reserve fund will receive a deposit of $34.4 million. "This deposit brings us to our maximum allowable level -- 10 percent of the previous year's certified General Revenue Fund collections."
Once the deposit is made, he said, the fund will have $495.7 million.
Meacham said the revenue increase is due to a growing economy and ever-increasing energy prices. Preliminary reports show General Revenue Fund collections for FY 2006 at $5.7 billion. That amount, Meacham said, is about $554.8 million over last year's certified revenue estimate of $5.149 billion. "Oklahoma's economy is producing record revenues for the state," he said.
Meacham said the state's growth was reflected in "every major tax category," including:
Income taxes -- net income taxes, (a combination of individual and corporate income tax), which brought in $2.65 billion -- $332.6 million more than last year.
Sales taxes -- driven by retail sales, sales taxes produced $1.46 billion -- $114.5 million more than last year.
Oil and gas gross production taxes generated $729.7 million, or $234.5 million more than last year.
Motor vehicle taxes -- based on motor vehicle license sales, these taxes produced $233.6 million or $13.9 million than last year.
While the economy and the petroleum industry have added much to the state's bottom line, Meacham's office, itself, has also contributed to that extra revenue. Records show the Treasurer's investments generated almost $100 million extra for the state's budget. Meacham said he was pleased by the report.
"It's pretty amazing," he said, "when you compare this revenue against that of 2003 when Governor Henry and I first came here."
But even though he's pleased with the increase in tax revenue, Meacham said he didn't expect that "same type of growth" to continue.
"Honestly, I don't expect to see that type of rapid growth over the next three years," he said. "Our income tax grew at 14 percent; our sales tax 8 percent. I don't think those type of numbers will continue. I believe we'll see growth at the 5 or 6 percent level -- a 'normal' Oklahoma economy."
And while Oklahoma won't have the "same record setting" year next year, Meacham said the Sooner State economy will continue to expand. "Our growth will continue," he said. "Hopefully I'll be surprised and it will do better than I think it will."
- Moore
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Changes made to big trash services
Changes have been made to the big trash pick up service which should make the pick up easier for both residents and city workers.
Residents who have Monday trash service will have big trash pick up in the months of March, July and November; Tuesday trash service will be April, August and December; Thursday is January, May and September and Friday is February, June and October. -
Fire in new auditorium at Southmoore High School
The Moore fire marshal is still investigating a small fire that occured shortly after 1:30 p.m. Friday at Southmoore High School.
Susie Pierce asked school board members to call an emergency meeting Wednesday to discuss insurance and restoration fees on the fire at Southmoore High School. -
City passes tax rebate for Target
Chris Lundy, manager of public partnerships with the Target corporation addressed city council members Monday night to discuss building a store in Moore.
The Moore Economic Development Authority voted unanimously for a sales tax rebate to Target. -
Larsen says goodbye to district
Susie Pierce asked school board members to call an emergency meeting Wednesday to discuss insurance and restoration fees on the fire at Southmoore High School.
She said about 20 auditorium seats were damaged by the fire and many others received smoke and water damage. - Savage, Patrick and Walker named site teachers Fisher Elementary School site teacher of the year, Stephanie Savage, graduated from Yukon High School and Southwestern Oklahoma State University. She has been married for 19 years to Scott and the have three children, Blake, Paige and Allison.
- County will remove limbs Cleveland County Commissioners asked assistant district attorney David Batton to draft a resolution for roadside limb removal in the unincorporated area caused by the recent ice storm. Commissioner Rusty Sullivan said the county will remove the limbs through April 30.
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Fire in new auditorium at Southmoore High School
The Moore fire marshal is still investigating a small fire that occured shortly after 1:30 p.m. Friday at Southmoore High School.
Susie Pierce asked school board members to call an emergency meeting Wednesday to discuss insurance and restoration fees on the fire at Southmoore High School. -
City passes tax rebate for Target
Chris Lundy, manager of public partnerships with the Target corporation addressed city council members Monday night to discuss building a store in Moore.
The Moore Economic Development Authority voted unanimously for a sales tax rebate to Target. - Savage, Patrick and Walker named site teachers Fisher Elementary School site teacher of the year, Stephanie Savage, graduated from Yukon High School and Southwestern Oklahoma State University. She has been married for 19 years to Scott and the have three children, Blake, Paige and Allison.
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Larsen says goodbye to district
Susie Pierce asked school board members to call an emergency meeting Wednesday to discuss insurance and restoration fees on the fire at Southmoore High School.
She said about 20 auditorium seats were damaged by the fire and many others received smoke and water damage. - More Moore Headlines
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Changes made to big trash services
Changes have been made to the big trash pick up service which should make the pick up easier for both residents and city workers.
