On February 16, the Board of Equalization, chaired by Gov. Kevin Stitt, voted to approve $9,640,475,940 in revenue to be appropriated by the Legislature for Fiscal Year 2022, an increase of $1,807,310,758 over appropriated expenditures for FY 2021. “Other states are waking up to the reality of huge budget deficits, but Oklahoma’s economy is strong thanks to the balanced approach we took to address the pandemic and the Legislature’s wise decision not to spend all of the authorized amount last year,” said Gov. Stitt. “Keeping businesses open and getting COVID vaccines out quickly and efficiently has proven critical to keeping our head above water. Moving forward, my top budget priorities for FY 2022 are to deliver taxpayers more for their money and to invest in our fellow Oklahomans to fully unlock our full economic potential.”
The estimate includes $1.7 billion in one-time cash or non-recurring revenue. Gov. Stitt believes the State of Oklahoma should use the non-recurring revenue to significantly replenish its savings account to be prepared for any future downturns and strategically invest in infrastructure projects to help grow the economy. They also voted at the meeting to approve a Constitutional limit on appropriations for FY 2022 of $7,908,933,430 which restricts expenditures from certified funds and cash.
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