Oklahoma state budget

The Budget of the State of Oklahoma is the Governor's proposal to the Oklahoma Legislature which recommends funding levels to operate the state government for the next fiscal year, beginning July 1. Legislative decisions are governed by rules and legislation regarding the state budget process.

After the Legislature approves an appropriations bill, it is sent to the Governor, who may sign it into law, or may veto it. A vetoed bill is sent back to the Legislature, which can pass it into law with a two-thirds majority in each chamber. The Legislature may also combine all or some appropriations bills into an omnibus appropriations bill. In addition, the Governor may request and the Legislature may pass supplemental appropriations bills or emergency supplemental appropriations bills.

Several government agencies provide budget data and analysis. These include the Oklahoma Office of State Finance (OSF), Oklahoma Tax Commission (OTC), the Office of the Oklahoma State Treasurer, and the Office of the Oklahoma State Auditor and Inspector.

The budget cycle starts with state agencies developing a detailed outline of financial needs for the next fiscal year. This "Budget Request" is then reviewed and analyzed by OSF in light of overall state responsibilities, goals, objectives and total funds available. Each year by October 1, each state agency must submit their official Budget Request to OSF. Budget requests can be amended once submitted, however. From October through December, OSF analyzes each agency's request and develops recommendations to the agency based on the direction of the Governor. Beginning in December, the Oklahoma State Board of Equalization begins meetings. On the first Monday in February, the Governor must submits to the Legislature a balanced budget based on OSF review of budget requests and subsequent recommendations by OSF, the Governor's Cabinet Secretaries and policy advisors. Budgeted expenditures can not exceed the amount available for appropriation.

Not more than 45 days nor less than 35 days prior to the convening of each regular session of the Legislature, the State Board of Equalization certifies amounts available for appropriation. A second meeting of the Board is held within five days of the monthly apportionment in February. At these two meetings mandated by the Oklahoma Constitution estimates of revenue to each available fund are based on a determination of the revenues to be received by the State under the laws in effect at the time such determination is made. These estimates are based on predictable changes in the economy as well as current law. Once certified, the amount may only be altered if the Legislature passes measures design to increase or reduce revenues. Should the Legislature enact laws that provide additional revenues or a reduction in revenues to these certified funds, the Board meets to determine the changes in revenue. Only those changes in revenue resulting from changes in law can be considered at this third meeting.

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