OKLAHOMA CITY (KFOR) – Governor Kevin Stitt signed additional legislation into law today as part of the Fiscal Year 2022 state budget package, including House Bill 2900, the general appropriations bill.
House Bill 2900 authorizes $9.06 billion in spending for Fiscal Year 2022, which begins July 1, 2021.
“This budget delivers the People’s Agenda and is a major win for Oklahomans in all corners of our state,” said Governor Stitt. “Because we kept Oklahoma open for business in 2020, we are able to make historic investments in education and other core services while cutting taxes and replenishing our state savings account. I commend Speaker Charles McCall, President Pro Tempore Greg Treat and the legislative leadership for their hard work to find common ground and create such a comprehensive budget package.”
The new budget includes:
- Increases common education funding by $171.6 million, or 6%, to a record high of nearly $3.2 billion.
- Replenishes state savings account by more than $800 million to a total of $1.3 billion – a record among of savings for Oklahoma.
- Funds expanded Medicaid for low-income Oklahomans.
The Fiscal Year 2022 budget spreadsheet is as follows:
Last week Governor Stitt signed legislation as part of the comprehensive budget agreement between the House and the Senate, including an individual income tax cut and corporate income tax cut.
The budget was built on the Board of Equalization’s February certification of $9.6 billion in revenue available for appropriations, according to the state. Of that figure, the agreement spends $9.06 billion and allocates the rest to tax relief, replenishing reserves or replenishing off-the-top funding temporarily redirected during the pandemic last session.