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Business and Economy
Mon May 5, 2014
Miller: Kansas Downgrade Should Serve As A 'Wake-Up Call' To Oklahoma
Oklahoma Treasurer Ken Miller is warning state policymakers that a reduction in Kansas' bond rating should serve as a "wake-up call" that a potential downgrade could happen in Oklahoma, despite the state's growing economy.
Miller released figures Monday that show gross receipts to the state treasury continued to improve in April. But he says the state's pension debt, the use of non-recurring revenue for operational costs, and the reduction of taxes without offsetting cuts in state spending could ultimately lead to a reduction in Oklahoma's bond rating.
Moody's Investor Services last week reduced Kansas' bond rating, citing income tax cuts, pension obligations, and the use of one-time revenue to cover operating expenses.
Miller says Oklahoma faces similar problems, although he says income tax cuts here have been more responsible.
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