Alva Review-Courier -

The November revenue report from State Treasurer Randy McDaniel is out, and shows gross receipts for the past year set a new record high for the sixth consecutive month. The 12-month gross receipts through last month totaled $17.36 billion, an increase of $2.44 billion, or 16.3 percent from the prior 12 months. Comparing November’s figures to the same period a year ago, total monthly gross collections were $1.31 billion, an increase of just over 10 percent.

The one area of concern noted in the report is that even though we’re enjoying lower prices at the pump, there could be an impact for our state down the line. In fact, the monthly tax collections on oil and gas production fell below $160 million for the first time since last April.

The report also included unemployment rates from October for our state, which was reported as 3.4 percent by the U.S. Bureau of Labor Statistics (BLS), up from 3.2 percent September.

This type of economic data is what goes into the process of developing the Oklahoma Board of Equalization’s revenue certification, which determines the maximum amount of funds available for the Legislature to appropriate for the coming budget year. The board will meet to make their initial certification later this month, but the final certification our budget will be based on won’t be made until February. In recent years, we’ve not appropriated the full amount authorized, giving us record emergency savings and helping us to be better prepared if the economy enters into a recession as some have predicted it might next year.

The various appropriations subcommittees are currently scheduling hearings with state agencies to begin gathering information on how their appropriations are being used in the current budget year and what their requests are for Fiscal Year 2024, which begins next July. This information is something we draw on as we begin budget negotiations during the session.

Members are also preparing and filing legislation ahead of the coming legislative session. January 19 is the deadline for getting those filed. While we’ll have an organizational day on Jan. 3 to elect leadership and deal with other internal business on the day-to-day operations of the Senate, the 2023 session will formally convene on Feb. 6.

Even though I have much to do in preparation for the coming session, I am looking forward to spending time with family and friends over the holidays, and I hope you are able to do the same. From my family to yours, we want to wish everyone a very Merry Christmas and a safe and happy New Year.

As a life-long Oklahoman, I have a request for those of you who are still doing your Christmas shopping -- don’t forget that many high-quality products are made right here in our state, so please remember to look for the MIO (Made in Oklahoma) label on products. The MIO program was created for Oklahoma entrepreneurs who grow, process or manufacture goods in Oklahoma. There’s something for everyone, including all kinds of food products, clothing, home goods and more.

By going to https://www.madeinoklahoma.net/, you can find complete lists of MIO products and where to find them, as well as links to websites where you can order online. The website also has links to help you become a certified MIO business or retail location. It’s free to join.

It is my honor to serve you in the Oklahoma State Senate. You can reach me by calling 405-521-5626 or emailing [email protected].