On May 30, we concluded our regular legislative session after months of hard work. After weeks of intense budget negotiations, legislative leadership reached an agreement last Wednesday for the FY2025 state budget, which is set to start on July 1.
Even though we reached an agreement, it required compromise, and not everyone got everything they wanted. I supported an individual income tax cut, as did much of the House, but the Senate did not share this position. However, I am satisfied with the overall budget outcome. It is a fair and balanced budget.
This year’s budget is $12.47 billion, lower than last year’s, maintains stable funding for many state agencies, reflecting the governor’s priorities as outlined in his State of the State address. The budget is designed to meet the varied needs of Oklahomans.
Under this budget, the Legislature allocated $177 million to the Legacy Capital Fund, which uses available state capital to fulfill agency needs instead of requiring them to secure bonds at market interest rates. The fund provides necessary maintenance or improvements to state assets.
The fund allows us to self-finance our state building projects, eliminating the need to pay interest on bonds. While a substantial amount of money is directed to the Legacy Capital Fund, it will potentially save the state of Oklahoma millions on interest from loans for these projects. One area of funding is going to construct, refurbish and expand life science facilities at Oklahoma State University.
We were able to achieve a balance budget while putting nearly $5 billion into savings, ensuring Oklahoma remains fiscally responsible and prepared for future challenges. It was a great year, and I look forward to continuing to serve House District 31.
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 [email protected].
Rep. Collin Duel, a Republican, serves District 31 in the Oklahoma House of Representatives, which covers Logan and Oklahoma counties.
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