Treasurer sees state economy continuing recovery trend
State Treasurer Ken Miller said Oklahoma’s economy continues to be in recovery during an end-of-fiscal-year report on state revenue.
Total state revenue over the past 12 months is still lower than the previous year, he said, but the rate of decline has slowed considerably.
Oklahoma brought in $1 billion during June, the highest total for that month since 2014.
Miller also said the state’s gross domestic product, an economic indicator, expanded by 1.3 percent late last year after 12 months of contraction.
“With recessions typically defined as two or more consecutive quarters of GDP decline, the state has emerged from a one-year recession,” said Miller. “Leading indicators also point to continued growth, but the anticipated strength of the recovery may be moderating as oil prices have come down slightly.”
The treasurer’s monthly report is released about a week before a separate report on collections distributed to the general revenue fund, Oklahoma’s primary source of appropriated cash.
If general revenue falls 5 percent below expectations for the year, officials can order mandatory spending cuts. If there is extra money at the end of the year, some of it can be returned to agencies that in February had to cut more than $34 million from their budgets.
“It does appear we’re going to be able to make it out (of the fiscal year) within that 5-percent cushion that our Constitution provides,” Miller said.
Political future
Miller is serving his final year as state treasurer because of term limits.
At the news conference, reporters asked the Edmond Republican about his political future.
Miller served in the Oklahoma House of Representatives before winning statewide office in 2010.
He cannot run for treasurer again, but his lofty position in state government still draws questions about what’s next. He said he’s weighing whether to seek another public office, but hasn’t made any plans.
“My head tells me it’s time to go back to the private sector,” said Miller, who has worked in finance and as a university economics professor.
“My heart tells me to stay and fight the good fight, and I’m waiting for my gut to break the tie.”