State Board of Equalization Certifies Revenue for FY-25 Budget
Oklahoma Gov. Kevin Stitt convenes a meeting of the Board of Equalization on Thursday, Feb. 15, 2024. (Tres Savage)
As required by the Oklahoma Constitution, the State Board of Equalization met yesterday and approved the final numbers authorized for the legislature to appropriate for Fiscal Year 2025.
The amount increased 5.26% from $13,258,096,017 to $13,956,772,329 or $698,670,000 more in FY-25 from FY-24.
This increase comes as conversations surrounding tax cuts continue.
Senate President Pro Tempore Greg Treat issued the following statement:
“These numbers are certainly encouraging, and they show a lot of promise,” Pro Tem Treat said. “With these numbers and the current savings we have, now is the time to cut the grocery tax. Cutting the grocery tax will give Oklahomans immediate relief every time they leave the grocery store and will be more beneficial than any other form of tax cut.
“While the certified numbers are positive, we must be sober-minded and realize we cannot have both a grocery tax cut and an income tax cut this year. I appreciate the prudence and fiscal conservatism of my Senate colleagues, who over the years have prioritized spending and savings and have put a stop to nonsensical ideas that would lead our state in the wrong direction. Without our measured approach, we would not be in this position today.”
Governor Kevin Stitt continued his push for an income tax cut, urging lawmakers to send a revenue reduction bill to his desk for approval:
"It's no accident Oklahoma has record-breaking state savings, higher than expected revenue, and an objectively strong fiscal outlook from three of the nation's top credit agencies. These accomplishments are the result of our conservative approach to governance, and every Oklahoman will benefit once the Senate votes to cut their taxes and deliver a pay raise.
“Oklahomans are already asking: 'How much money does the state need?' Make no mistake, today's news from the Board of Equalization is not an invitation for the Legislature to spend all $11.1 billion. We must continue to practice fiscal conservatism by returning excess revenue back to Oklahomans in the form of tax cuts.
“Oklahomans have waited long enough for a pay raise and for relief at the grocery store. It’s reassuring to see legislation in both chambers. There are no more excuses, let’s get those passed. I’m ready to sign any tax cut that comes to my desk."
The full Board of Equalization Packet may be found here: https://oklahoma.gov/content/dam/ok/en/omes/documents/boe02152024.pdf