2012-03-30 Ok economic report 1
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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 2, Issue 3 • March 30, 2012 Oklahoma News and analysis of Oklahoma’s economy Inside • Treasurer’s commentary: SEE IN ACTION PAGE 3 Invisible handcuffs • Pension reforms taking hold • Student loan debt grows • Falling natural gas prices trigger concern • State unemployment drops • February continues revenue streak • Economic indicators Contributors Regina Birchum, Deputy Treasurer for Policy Paul Ackerman, CPA Maxim Salitra, Treasury Intern Editor Tim Allen, Deputy Treasurer for Communications One upside of the budget cuts of the past several years is that agencies have been forced to find efficiencies and cost-savings. But just because revenues are now improving doesn’t mean agencies should stop looking for ways to perform better. Many agencies have found ways to do more with less, responsibly managing through budget reductions by realigning functions to better concentrate on core services. Like other agencies that have outsourced non-core services, the treasurer’s office has contracted with the attorney general’s office to provide legal services instead of employing a staff attorney; prior to the mandate, the treasury began using the Office of State Finance (OSF) for information technology support; and OSF has been asked to perform agency purchasing, payables and receivables support starting next fiscal year. The office has eliminated its fleet vehicles in favor of using the centralized motor pool. The outdated perception that an agency’s worth is measured by its size and scope is partly to blame for reluctance to downsize. Agency growth can be constructive if it results in overall streamlining for the state. However, growth for the sake of empire-building and mission-creep is destructive. At a time when some agencies are trying Rightsizing in action “A mission-centric approach is emerging that will reshape government for the better.” Personal income in Oklahoma grew faster than the national average last year, according to figures released Wednesday, March 28, by the U.S. Bureau of Economic Analysis. Fueled by the energy sector, Oklahoma’s per capita personal income growth was third highest in the nation at 5.3 percent, rising from $35,389 in 2010 to $37,277 in 2011. Total personal income in Oklahoma was up 6.2 percent in 2011 at $141 billion, the fourth-highest change in the nation. Personal income growth leaps Nationally, per capita personal income grew by 4.3 percent and total personal income was up by 5.1 percent. In spite of the strong growth in the past year, Oklahoma’s ranking of per capita personal income is 34th among the states at 89 percent of the national average. Oklahoma is in a group of energy-rich states that grew the fastest, along with North Dakota, Wyoming, Texas, Louisiana and West Virginia.
|Okla State Agency||
Treasurer, Oklahoma State
|Okla Agency Code||'740'|
|Title||Oklahoma economic report, 03/30/2012, v.2 no.3|
Oklahoma. State Treasurer.
|Purpose||Rightsizing in action One upside of the budget cuts of the past several years is that agencies have been forced to find efficiencies and cost-savings. But just because revenues are now improving doesn't mean agencies should stop looking for ways to perform better.; Personal income growth leaps Personal income in Oklahoma grew faster than the national average last year|
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|ODL electronic copy||Downloaded from Agency website: http://www.ok.gov/treasurer/documents/OER_3-30-12.pdf|
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