Last week, the Board of Equalization certified the Legislature will have the authority to appropriate up to $13.96B toward the Fiscal Year 2025 state budget, which is $698.7 million, or 5.3% more than authorized for Fiscal Year 2024.
The Board is responsible for carrying out the state’s balanced budget procedures, as outlined in the Oklahoma State Constitution. It certifies revenue collections for prior years, sets expenditure limits for the governor and the Legislature based on current-year revenue estimates and determines the overall limit on yearly expenditure growth.
OMES compiles revenue projections from revenue-collecting agencies, analyzes the information, and presents the information to the Board for its consideration and approval. Projections for the General Revenue Fund are estimated by the Tax Commission staff utilizing multiple models and resources from across the state and country.
Revenue estimates presented to the Board are based on current- and prior-year collection trends, economic forecasts, federal and state tax law changes, and other foreseeable factors. Revenue certified at the December meeting serves as the basis for the Governor’s Executive Budget, which is presented in the State of the State address.
Now that the Board has delivered final revenue projections, the process of determining each agency’s budget begins in earnest. Legislators can work together toward crafting a budget that reflects the varied needs and priorities of Oklahomans while ensuring fiscal responsibility and stability.
This certification is a significant milestone in the budget process. It paves the way for the Senate to take decisive action toward providing tax relief to the people of Oklahoma.
Just this week, the Senate passed a bill to eliminate the state’s portion of the grocery tax. The House passed the bill 11 months ago and has been awaiting a vote in the Senate along with an income tax cut. The House wants to lower the tax burden for Oklahomans by passing the .25% income tax cut legislation. While the grocery tax is a good first step, more action is needed to give back money to the people.
I am thankful and honored that the constituents of House District 31 have entrusted me with the responsibility of serving in the Oklahoma House of Representatives. As always, please do not hesitate to reach out to me with any concerns at 405-557-7350 or collin.duel@okhouse.gov.
Rep. Collin Duel, a Republican, serves District 31 in the Oklahoma House of Representatives, which covers Logan and Oklahoma counties.
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