Friday, June 25, 2021

More tax cuts coming? State on track to save $884M for next year's budget


BOARD OF EQUALIZATION CERTIFIES STATE OF OKLAHOMA ON TRACK TO SAVE ESTIMATED $884 MILLION IN FY2022
Governor Stitt praises Legislature for prioritizing savings and strategic investments

OKLAHOMA CITY (June 21, 2021)— The Board of Equalization, chaired by Governor Kevin Stitt, voted today to certify revenue and expenditures for the Fiscal Year 2022 budget that includes an estimated $884 million in unspent/unencumbered funds.

Specifically, the Board of Equalization certified $9,064,748,251 in authorized FY22 expenditures and an estimated $9,948,810,340 available in certified and authorized funds plus cash.

The FY22 appropriations increased 23% from FY21 actual expenditures, which is due in large part to the improving economic conditions in the state.

“Oklahoma’s economic future has never looked brighter,” said Governor Stitt. “I am proud of the decisions we made with the Legislature during the 2021 legislative session to ensure that money is returned to the taxpayer via tax cuts for all Oklahomans while also replenishing our state reserves and cash to a record $1.3 billion.”

Fiscal Year 2021 ends June 30, at which time the General Revenue Fund will be reconciled and a final determination will be made regarding a deposit to state savings accounts.

The Board of Equalization information packet and presentation materials are available on the OMES website.

0 comments: