Oklahoma state budget (2011-2012)
Note: This article was last updated in 2012. Click here for more recent information on state budgets and finances. |
The fiscal year 2012 budget bill can be accessed here The governor signed the $6.4 billion spending plan into law on May 24, 2011.[1] The fiscal year 2012 budget was 3.2 percent less than the $6.7 billion fiscal year 2011 budget.[2]
To balance the budget, lawmakers and the governor used $357 million in special cash appropriations and $113 million in federal stimulus funds designated for the state's Medicaid program.
Personal income taxes brought in about one-third of the state's legislative-appropriated budget. In fiscal year 2012, personal income taxes were estimated to generate $1.9 billion of the $6.4 billion budget.[3]
Legislative proposed budget
The legislature approved a $6.5 billion state budget when the House approved a key piece on May 13, 2011, and sent it to the Senate.[4] [5] The fiscal year 2012 budget was 3.2 percent less than the $6.7 billion fiscal year 2011 budget.[6]
Legislators had been approved to spend $6.3 billion based on revenue projections by the Oklahoma Tax Commission. To address a $500 million shortfall, lawmakers turned to $120 million in cash flow reserves and also used money from a $70 million transportation bond issue, revenue from state agency revolving funds, and remaining stimulus funds.[4]
Footnotes
- ↑ NewsOK.com, "Estimates project increase in Oklahoma's revenue," December 20, 2011
- ↑ NewsOK.com, "Oklahoma’s state budget deal features missed opportunities, analysts say," May 15, 2011
- ↑ NewsOK.com, "Gov. Mary Fallin details state personal income tax reduction plan," February 6, 2012
- ↑ 4.0 4.1 Businessweek, "Oklahoma lawmakers give initial OK to state budget," May 13, 2011
- ↑ NewsOK.com, "With deep cuts, there are few real winners in budget," May 14, 2011
- ↑ NewsOK.com, "Oklahoma’s state budget deal features missed opportunities, analysts say," May 15, 2011
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