Kansas bond downgrade a ‘wake-up call’ for Oklahoma

moneystretch3Oklahoma State Treasurer Ken Miller warned that the reduction last week in Kansas’ bond rating should serve as a “wake-up call” for Oklahoma. He said that Oklahoma faces some of the same challenges that led Moody’s Investor Services to lower Kansas’ bond rating, including pension obligations and the use of one-time revenue to cover operating expenses. Though Oklahoma has also cut its taxes, Miller said those tax cuts “have been much more responsible than Kansas.” Oklahoma’s tax receipts for April were up 3.3 percent from last year, while Kansas’ April revenue was down 45 percent. He said that Kansas is “not being fiscally conservative, because fiscally conservative is paying your bills.”