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Ken Miller

Oklahoma state Treasurer Ken Miller speaks during a news conference n Oklahoma City, Wednesday, July 8, 2015.
Sue Ogrocki / AP

State treasurer Ken Miller says gross receipts to Oklahoma’s treasury declined for the 18th consecutive month, and Oklahoma’s unemployment rate is higher than the national number for the first time in 26 years.

“We keep scouring through the data to find signs of an impending turnaround, but it’s just not there,” Miller said in a statement. “Some aspects of the August report aren’t as negative as in prior months – a few revenue streams have ticked up slightly – but we can’t yet point to a positive trend.”

State Treasurer Ken Miller
Sue Ogrocki / AP

The current economic downturn has now lasted longer than the Great Recession in Oklahoma.

State treasurer Ken Miller said the downturn in gross receipts has now lasted for 17 months, based on July figures released Friday. The gross receipts shrinkage after the financial crisis eight years ago lasted from December 2008 to February 2010.

Oklahoma state Treasurer Ken Miller speaks during a news conference n Oklahoma City, Wednesday, July 8, 2015.
Sue Ogrocki / AP

The state treasurer's office says the latest gross domestic product report shows a year-long recession in Oklahoma. The state GDP report by the Bureau of Economic Analysis indicates Oklahoma's economy has contracted for four straight quarters going back to the spring of 2015.

“Oklahoma ranked 39th among the state for economic change during the first three months of the calendar year, with GPD down 0.5 percent,” the report says. “It is one of 13 states that experienced negative economic growth during the quarter.”

Oklahoma Treasurer Ken Miller talks to reporters in Oklahoma City, Wednesday, July 6, 2016. Miller said Oklahoma is muddling through a continued economic downturn.
Sue Ogrocki / AP

Oil and natural gas production tax collections increased slightly over the past two months, although they're still well below this time last year.

Gross receipts for the month of June were $925.7 million, or 7.4 percent lower than the June 2015 total.

Oklahoma state Treasurer Ken Miller speaks during a news conference n Oklahoma City, Wednesday, July 8, 2015.
Sue Ogrocki / AP

State Treasurer Ken Miller gave the 2016 legislative session a grade of “C” in his annual Oklahoma Economic Report out Tuesday.

Miller said lawmakers faced a difficult budget challenge this year as they tried to figure out how to close a $1.3 billion gap. But he says House and Senate members also left an opportunity on the table to make significant structural reforms to Oklahoma’s budgeting process, something Gov. Mary Fallin outlined in her State of the State address earlier this year.

Oklahoma Capitol Building
ana branca / Flickr

Oklahoma’s state budget is becoming more dependant on one-time funding sources, according to state treasurer Ken Miller, during both good and bad economic times.

Miller remarked at the Oklahoma State University Center for Applied Economic Research 2016 Economic Outlook Conference in Oklahoma City that the state should not experience the biggest budget hole in its history at a time of 4.3 percent unemployment, according to Shawn Ashley from eCapitol.

Oklahoma Treasurer Ken Miller
Joe Wertz / StateImpact Oklahoma

Oklahoma's treasurer says low oil and natural gas prices helped push last month's state revenue below levels from a year earlier. 

Treasurer Ken Miller said Wednesday the state's gross receipts in June were less than collections from the prior year for the second consecutive month and the fourth time in the fiscal year that ended June 30.

ok.gov/tset

Oklahoma's Tobacco Settlement Endowment Trust Fund now has a balance of more than $1 billion.

State Treasurer Ken Miller said Tuesday that the trust fund's balance reached $1.03 billion after a deposit of $57.6 million from the annual payment to the state from the tobacco industry. The state received a total payment of $76.9 million, with the remaining funds divided between health care related appropriations by the Legislature and the attorney general's evidence fund.

The payments are the result of a 1998 lawsuit by Oklahoma and 45 other states against tobacco companies.

Oklahoma Treasurer Ken Miller
Joe Wertz / StateImpact Oklahoma

Oklahoma's treasurer says low crude oil prices have pushed state revenues below levels recorded a year ago.

Treasurer Ken Miller said Monday that state revenue collections in March were almost $28 million less than in March 2014, in large part due to a 48 percent drop in oil and natural gas gross production receipts.

March sales tax collections also fell below the prior year, down by 2.3 percent. That marks the first time in two years that monthly sales tax receipts have not shown growth over the prior year.

A lawsuit filed Thursday asks the state Supreme Court to find that the State Pension Commission violated the Oklahoma Constitution because two of its seven members are legislators.

Oklahoma City Attorney Jerry Fent's lawsuit said the pension commission is an executive branch entity. He said state Senator Rick Brinkley's membership on the commission violated the separation of power because Brinkley is a member of the legislative branch. Kent's lawsuit named commission chairman Ken Miller, the state treasurer, and Brinkley as defendants.

Oklahoma Treasurer Ken Miller
Joe Wertz / StateImpact Oklahoma

Oklahoma's treasurer is describing as "shameful" a pair of bills he says will keep his office from connecting Oklahomans with life insurance proceeds that are rightfully theirs.

Treasurer Ken Miller vowed Friday to sue the state if one of the bills — one pending in the Senate — becomes law.

That bill would require insurance companies to check a Social Security death list to see if policy holders have died, but would only apply to policies sold after 2016.

Matthew Carney / Flickr Creative Commons

A former University of Oklahoma football star is using a unique way to spread the word to young people on how to be responsible with their money.

The Oklahoman reports that former Sooner and current Detroit Lions wide receiver Ryan Broyles is working with Oklahoma Treasurer Ken Miller on a statewide initiative to improve the money management skills of high school and middle school students by distributing a video game called "Financial Football."

Oklahoma Treasurer Ken Miller
Joe Wertz / StateImpact Oklahoma

Oklahoma's top financial officer says the state's economy expanded in January.

State Treasurer Ken Miller said Thursday gross receipts entered new territory during the first month of 2015 with record highs in sales tax collections and total gross receipts than any January on record.

Sales tax collections generated almost $406 million — up by more than 7 percent from last year. Total gross collections during the month were $1.13 billion, topping the previous January high set last year by almost $66 million or 6.1 percent.

Oklahoma Treasurer Ken Miller
Joe Wertz / StateImpact Oklahoma

Oklahoma's treasurer says the state's economy performed well to close out 2014, but that continued low oil prices will eventually start to drag down other sources of revenue like income and sales taxes.

Treasurer Ken Miller released figures on Wednesday that show overall collections by the state in December and in 2014 exceeded those from the prior year. But he warned that December oil and gas production taxes reflect oil field activity from October, when oil prices were around $85 per barrel.

Oklahoma Treasurer Ken Miller
Joe Wertz / StateImpact Oklahoma

Oklahoma state Treasurer Ken Miller is calling on the Legislature to consider creating a trust fund using unclaimed property — similar to the state's Tobacco Settlement Endowment Trust Fund.

Unclaimed property is typically money such as stocks, bonds, life insurance policies, and even uncashed paychecks that haven't been claimed by the owner and are turned over to the state until the owner comes forward.

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