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.
Secretary of Finance, Administration and Information Technology Preston Doerflinger warned Thursday that next fiscal year’s state appropriated budget will be flat.
Doerflinger’s comments came in his monthly General Revenue Fund report. The report showed General Revenue Fund (GRF) collections in October totaled $471.6 million. That was $3.4 million, or 0.7 percent, above the official estimate upon which the FY2015 appropriated state budget is based and $23.3 million, or 5.2 percent, above prior year collections.
Oklahoma’s August tax collections increased by 7.5 percent, the largest percentage increase in monthly receipts since July 2013, State Treasurer Ken Miller said in a media statement. Miller said August receipts “were just less than $900 million.”
“Oklahoma’s economy continues to climb up the expansion side of the business cycle,” Miller said. “Our people are earning and spending more, as reflected by steady growth in income tax and sales tax receipts.”
Oklahoma's state treasurer says collections from the state's major revenue sources indicate the state's economy remains strong.
Treasurer Ken Miller released his office's revenue report for the month of May on Tuesday. It shows gross collections for the month are almost 2 percent ahead of the same month last year. Receipts for the past 12 months are more than 3 percent higher than the previous 12 months.
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.
Gov. Mary Fallin, Treasurer Ken Miller and other state officials will meet Wednesday with representatives of the nation’s leading bond rating agencies.
Fallin, Miller, Secretary of Finance, Administration and Information Technology Preston Doerflinger, Secretary of State Larry Parman and State Bond Advisor Jim Joseph are scheduled to meet with representatives of Standard and Poor’s Corporation, Fitch Ratings and others.