Oklahoma

Oklahoma

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.
  

Proposed Budget Information
Fiscal Year 2025 Budget Proposal 

Revenue Forecast – December 2023