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Oklahoma state budget (2011-2012)

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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