Budget Cycle

Governor Submits Budget
Fiscal Year Begins
July 1 

Governor Signs Budget 

Budget Links 

FY2025 (proposed)
FY2024 (enacted)
FY2023 (enacted)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)

Proposed Budget - Fiscal Year 2025

On February 8, Oklahoma Governor Kevin Stitt released his recommended budget for fiscal 2025. The governor’s recommended budget totals $11.84 billion for fiscal 2025 which is an 8.7 percent decrease, or $1.1 billion, from fiscal 2024. Agency appropriations for fiscal 2025 are recommended at $10.76 billion which is a 5.2 percent decrease, or $586 million, from fiscal 2024. Total revenue for fiscal 2025 is projected at $13.87 billion with recurring revenues projected at $11.04 billion and one-time revenues projected at $2.83 billion. For fiscal 2025, the expenditure authority for the certified general revenue fund is projected at $8.3 billion, an increase of 10.3 percent over fiscal 2024 authorized expenditures. Total reserves and unspent cash at the end of fiscal 2025 are projected at $4.21 billion. This includes a Constitutional Reserve Fund (Rainy Day Fund) balance of $1.27 billion, a Revenue Stabilization Fund balance of $1.53 billion, and General Revenue Cash and Unspent Authorized funds of $1.41 billion. 

Proposed Budget Highlights 

The budget focuses on the four governor’s priorities of defending the taxpayer dollar, protecting Oklahomans, modernizing government, and promoting Oklahoma. Recommendations include the following: 

Recurring Revenue

  • Proposes reducing the individual income tax rate for the tax year beginning January 1, 2025, by 0.25 percent at a cost of $96.4 million in fiscal year 2025. 
  • Estimates a deposit into the Revenue Stabilization Fund of $80.6 million. 
  • Increases recurring revenue by $41.8 million based on historical past practice of sweeping funds from the Unclaimed Property Fund, Secretary of State Revolving Fun, and the Insurance Department Revolving Fund.
  • Reflects sustained landmark investments in education. 
  • Reflects a full year impact of tax policies enacted during the 2023 legislative session including the Parental Choice Tax Credit, a tax credit for caregivers, elimination of the franchise tax, and elimination of the marriage penalty. 

Supplemental and One-time Proposals

  • Directs $1.0 billion in accumulated, unspent General Revenue Funds from prior years to the Revenue Stabilization Fund. 
  • Proposes authorizing $80.5 million from excess cash in the Education Reform Revolving Fund to fund the supplemental appropriation due to the shortage in the Ad Valorem Reimbursement Fund that goes to public schools.