Oklahoma

Oklahoma

Budget Links 

FY2024 (proposed)
FY2023 (enacted)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)

Proposed Budget - Fiscal Year 2024

On February 6, Oklahoma Governor Kevin Stitt released his recommended budget for fiscal 2024. The recommended budget totals $11.4 billion which is an increase of $1.2 billion, or 11.8 percent, from fiscal 2023 authorized expenditures. Agency appropriations for fiscal 2024 are recommended at $10.06 billion which is a 6.9 percent decrease, or $746 million, from fiscal 2023. For the certified general revenue fund, the fiscal 2024 expenditure authority is projected at $8.67 billion, an increase of 26.22 percent over fiscal 2023 actual expenditures. In the proposed budget, total unspent cash and reserve funds are $2.97 billion. This includes a Constitutional Reserve Fund (Rainy Day Fund) balance of $1.05 billion, a Revenue Stabilization Fund balance of $397 million, and a proposed balance in the new Oklahoma Legacy Fund of $1.0 billion.

Proposed Budget Highlights 

The budget focuses on the governor’s four priorities of driving excellence in education, building the best state for business, defending freedoms, and protecting Oklahomans. Recommendations include the following:

Education

• Proposes $130 million for education savings accounts for K-12 students to be used for eligible education expenses.
• Includes $100 million to create new schools focused on innovation, unlocking student potential, and addressing workforce pipeline needs across the state.
• Proposes $100 million to create an initiative supporting student reading. This funding would additionally support the training of teachers in the science of reading.
• Directs $50 million to support performance-based teacher pay raises.
• Provides $2.6 million to provide students an in-home identification kit approved by the Federal Bureau of Investigation to allow parents to take, store, and control their child’s fingerprint and DNA in their own home.
• Includes $500K to expand concurrent enrollment to pay for high school freshmen and sophomores.
• Directs $16.8 million to provide an increase to the Teachers’ Retirement System Dedicated Fund.

Tax Relief

• Proposes eliminating the 4.5 percent state portion of sales tax on groceries to provide immediate relief to Oklahomans at a cost of $351.1 million. 
• Proposes reducing the individual income tax rate by 0.76 percent to 3.99 percent at a cost of $260.9 million.
• Proposes reducing the corporate income tax rate by 0.75 percent at a cost of $43.7 million.
  
  

Other

• Directs $2.9 million to the Department of Health to expand funding for Pregnancy Resource Navigators to help broaden the reach of the Health Department to Oklahoma expectant mothers and babies during and after birth.
• Proposes a $20 million appropriation to the Department of Commerce to replenish the Quick Action Closing Fund to ensure Oklahoma has the tools to attract businesses and promote economic development.
• Removes $1.2 billion in fiscal 2023 appropriations that were one-time in nature.
• Supports the creation of the Oklahoma Legacy Fund through an initial investment of $1 billion in accumulated, unspent General Revenue from prior years. The fund is intended to position the state to build additional reserves and generate revenues over the long-term through a diversified investment strategy.

Proposed Budget Information
Fiscal Year 2024 Budget Proposal 

Revenue Forecast – December 2022