The State Board of Equalization on Monday certified more than $9 billion in authorized expenditures as outlined in the FY 22 state budget. An estimated $9,948,810,340 is available in certified and authorized funds plus cash on hand.
The FY 22 budget is a 23-percent increase over the actual expenditures for FY 21. This is due to the state recovering from economic disruption of the COVID-19 Pandemic and lower oil prices.
Governor Kevin Stitt praised the work that went into bringing a record amount of savings and tax breaks for the state to fruition.
“Oklahoma’s economic future has never looked brighter,” said Stitt. “I am proud of the decisions we made with the Legislature during the 2021 legislative session to ensure that money is returned to the taxpayer via tax cuts for all Oklahomans while also replenishing our state reserves and cash to a record $1.3 billion.”
Once the current fiscal year ends, the General Revenue Fund will be reconciled and a final amount will be determined for the deposit to the state savings accounts.
