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State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D. Economic Report TM Volume 3, Issue 1 • January 31, 2013 Oklahoma News and analysis of Oklahoma’s economy Inside SEE BUDGET BUSTERS PAGE 3 • Commentary by Speaker of the House T.W. Shannon: Fighting the addiction • General Revenue allocations top estimate • Oklahoma adds jobs in December • 2012 brought moderated economic growth • Coming soon: Oklahoma Treasury Online Checkbook Contributor Regina Birchum, Deputy Treasurer for Policy Editor Tim Allen, Deputy Treasurer for Communications Thanks to Washington, uncertainty is the rule as states begin drafting budgets for the next fiscal year. With states receiving from 20 to nearly 50 percent of revenue from the federal government, the only certainty is that all possible responses to the fiscal crisis in D.C. will greatly impact the states. The biggest federal issue with local impact is also the most daunting: Medicaid. According to the National Association of State Budget Officers (NASBO), for fiscal years 2011 and 2012, state budgets grew by about 3.5 percent while Medicaid is projected to grow by 3.9 percent this fiscal year. If the pace continues, Medicaid costs will begin to crowd out other budget priorities. Already, Medicaid has become the largest spending category in state budgets, surpassing spending on K-12 education. In the latest Fiscal Survey of the States report issued by the National Governor’s Association and NASBO, 21 states anticipate that general fund revenues for fiscal year Budget busters 2013 will be lower than 2008’s pre-recessionary levels. But even states with rebounding revenues are understandably proceeding with caution, rebuilding emergency funds and foregoing new program spending initiatives. The recession and its slow recovery have been challenging for the states, but it has also highlighted “The recession and its slow recovery have highlighted long-term structural fiscal problems.” Medicaid Spending Has Grown Dramatically Source: Centers for Medicare and Medicaid Services Expenditures (in $ billions) Annual growth rate (percent) Medicaid expenditures Annual growth 1,000 900 800 700 600 500 400 300 200 100 0 40 35 30 25 20 15 10 5 0 -5 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Actual Projected
Object Description
Okla State Agency |
Treasurer, Oklahoma State |
Okla Agency Code |
'740' |
Title | Oklahoma economic report, 01/31/2013, v.3 no.1 |
Authors |
Oklahoma. State Treasurer. |
Publication Date | 2013-01-31 |
Publication type | Newsletter |
Purpose | Budget busters; Medicaid Spending Has Grown Dramatically; Speaker of the House Commentary by T. W. Shannon Fighting the addiction; Economic news briefs; General Revenue allocations top estimate; Oklahoma adds jobs as unemployment falls again in December; 2012 brought moderated economic growth to Oklahoma; |
For all issues click |
T1400.6 E19r |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://www.ok.gov/treasurer/documents/OER_1-31-13.pdf |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Date created | 2013-02-14 |
Date modified | 2013-02-14 |
OCLC number | 890221895 |
Description
Title | OER_1-31-13 1 |
Full text | State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D. Economic Report TM Volume 3, Issue 1 • January 31, 2013 Oklahoma News and analysis of Oklahoma’s economy Inside SEE BUDGET BUSTERS PAGE 3 • Commentary by Speaker of the House T.W. Shannon: Fighting the addiction • General Revenue allocations top estimate • Oklahoma adds jobs in December • 2012 brought moderated economic growth • Coming soon: Oklahoma Treasury Online Checkbook Contributor Regina Birchum, Deputy Treasurer for Policy Editor Tim Allen, Deputy Treasurer for Communications Thanks to Washington, uncertainty is the rule as states begin drafting budgets for the next fiscal year. With states receiving from 20 to nearly 50 percent of revenue from the federal government, the only certainty is that all possible responses to the fiscal crisis in D.C. will greatly impact the states. The biggest federal issue with local impact is also the most daunting: Medicaid. According to the National Association of State Budget Officers (NASBO), for fiscal years 2011 and 2012, state budgets grew by about 3.5 percent while Medicaid is projected to grow by 3.9 percent this fiscal year. If the pace continues, Medicaid costs will begin to crowd out other budget priorities. Already, Medicaid has become the largest spending category in state budgets, surpassing spending on K-12 education. In the latest Fiscal Survey of the States report issued by the National Governor’s Association and NASBO, 21 states anticipate that general fund revenues for fiscal year Budget busters 2013 will be lower than 2008’s pre-recessionary levels. But even states with rebounding revenues are understandably proceeding with caution, rebuilding emergency funds and foregoing new program spending initiatives. The recession and its slow recovery have been challenging for the states, but it has also highlighted “The recession and its slow recovery have highlighted long-term structural fiscal problems.” Medicaid Spending Has Grown Dramatically Source: Centers for Medicare and Medicaid Services Expenditures (in $ billions) Annual growth rate (percent) Medicaid expenditures Annual growth 1,000 900 800 700 600 500 400 300 200 100 0 40 35 30 25 20 15 10 5 0 -5 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Actual Projected |
Date created | 2013-02-14 |
Date modified | 2013-02-14 |