Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Budget Revenue topic
No spam. Unsubscribe anytime.
Board of Equalization certifies FY24 collections, sets FY26 revenue authority and Oklahoma Promise estimate
Summary
The Board of Equalization unanimously certified FY2024 revenue collections (reporting a $177 million general revenue surplus), accepted a State Regents recommendation to set $70 million in General Revenue for Oklahoma Promise in FY26, and certified FY26 appropriations authority of about $8.225 billion.
The Board of Equalization on Dec. 20 certified fiscal year 2024 revenue collections and set initial revenue and appropriation authority for fiscal year 2026, voting unanimously on each item.
Mr. Gilbert, the board presenter, told members the board had certified an estimate of $8.2 billion for the general revenue fund and collected $8.4 billion for FY24, producing what he described as "a surplus of $177,000,000." He added that $40,400,000 of that surplus was directed to the Rainy Day Fund, which he said "reached its constitutional cap" at 15% of prior-year collections.
The board also heard an informational analysis of the General Revenue Cash Flow Reserve Fund and a FY26 budget outlook, which Mr. Gilbert said reflected several drivers: the full-year impact of the grocery sales tax exemption, the parental choice tax credit (capped at $250 million for FY26), and shifts in gross production tax revenue. Mr. Gilbert said the packet shows a proposed FY26 expenditure authority figure of roughly $8.225 billion.
On Oklahoma Promise, the State Regents for Higher Education "adopted an estimate of $73,100,000 for their FY26 revenue needs" and "further recommends $70,000,000 be allocated from the General Revenue Fund for FY26," Mr. Gilbert said. The board moved and approved the estimate.
Motions to certify the FY24 collections, to accept the FY26 Oklahoma Promise estimate, and to certify FY26 revenue and appropriation authority each passed on roll-call votes recorded as five ayes and no nays. The meeting packet contains additional tables and the board referred members to appendix pages for cash-position detail and the revenue stabilization fund balance.
The board agreed there would be a subsequent revenue certification in February; Mr. Gilbert noted the next certification would be on Valentine’s Day and would be the final certification before the legislative session.
The meeting adjourned with no new business.
