Equalization Board Certifies Funds for Legislative Appropriation

By Representative Ken Luttrell - February 20, 2024 6:22 am

Rep. Ken Luttrell-Ponca City

Our legislative session began on February 5th, and preparations at the State Capitol have been in full swing for weeks.

In committee, we’ve been approving each bill before it goes to the House floor. We have until the end of February to pass bills out of committee.

Not all bills that pass in committee are heard on the House floor. In March, we will finish passing bills off the House floor and then begin considering Senate bills.

Once a bill passes in both chambers, it is sent to the governor. If the governor signs a bill, it becomes ‎‎state law. If the governor vetoes a bill, it ‎does not become ‎state law unless the Legislature ‎‎overrides the veto.‎ A two-thirds vote is needed in each chamber to ‎override a veto. ‎

Last week, the Board of Equalization certified the Legislature will have the authority to appropriate up to $13.96B toward the Fiscal Year 2025 state budget, which is $698.7 million, or 5.3% more than authorized for Fiscal Year 2024.

The Board is responsible for carrying out the state’s balanced budget procedures, as outlined in the Oklahoma State Constitution. It certifies revenue collections for prior years, sets expenditure limits for the governor and the Legislature based on current-year revenue estimates and determines the overall limit on yearly expenditure growth.

Now that the Board has delivered final revenue projections, the process of determining each agency’s budget begins in earnest. Legislators can work together toward crafting a budget that reflects the varied needs and priorities of Oklahomans while ensuring fiscal responsibility and stability.

I consider this certification to be a significant milestone in the budget process. It paves the way for the Senate to take decisive action toward providing tax relief to the people of Oklahoma. The state’s finances are in good shape, and we can easily balance the budget while simultaneously offering tax cuts to our constituents.

I had the pleasure of meeting with Ponca City realtors during their visit to the Capitol last week. I also met with Shelley Arrott, the president of our Chamber of Commerce, and Tiffany Hermann, the vice president, at the State Chamber reception. It is always an honor to see people from our district visiting the Capitol and advocating for our families and businesses at home.

Again, thank you for electing me to serve District 37. It is truly an honor and privilege to represent you at the State Capitol. As always, please do not ‎hesitate to reach out to me with any concerns at ‎405-557-7355 or [email protected].

 

 

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