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February 7, 2013

A historic revenue month

The Norman Transcript

NORMAN — A longtime Oklahoma lawmaker used to say it was easier when the economy was slow. Everyone knew there was no money, so no one asked for anything extra.

Now that the state’s economic recovery continues, agencies are finding lots of creative ways to ask for additional resources. They’ll find even more backing in this week’s report from the state treasurer.

The state, for the first time, passed the $1 billion mark on total gross revenues for a single month. That mark, $1,009 billion, is even more significant in that it comes during a lag in gross production taxes on oil and natural gas.

State Treasurer Ken Miller, in a news release, credited higher sales tax and state income tax withholding. Total collections for the past 12 months are $1.74 billion higher than when the bottom dropped in February 2010.

Lawmakers had anticipated having an additional $170 million to appropriate for the fiscal year that begins in June. That figure may be revised if revenues continue to increase.

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