OKLAHOMA CITY – State legislators will have another $1 billion+ to spend for the next fiscal year, following a meeting of the State Equalization Board.
During the meeting Tuesday the board certified $9.64 billion for the upcoming fiscal year. That figure is $1.18 billion more than the $8.46 billion initially certified in December.
The increase was applauded by the state Senate’s budget chairman, Sen. Roger Thompson, an Okemah Republican.
“I am encouraged by the new numbers certified today during the Board of Equalization meeting,” Thompson said in a media statement. “This speaks well of the economy in Oklahoma. Small business owners have been innovative, diligent, and persistent despite all of the challenges during this pandemic.”
Oklahoma, Thompson said, has benefited from federal dollars which helped prop up the state’s budget numbers.
“I am very optimistic for FY 2022 but cautiously optimistic about FY 2023,” he said. “This is not the year to spend every dollar. We need to have funds easily accessible if we have another surge in COVID cases — money that can be used to pay for more testing, vaccines, and other critical needs.”
Thompson’s counterpart in the Oklahoma House of Representatives, Rep. Kevin Wallace, said the decision to not appropriate the Legislature’s full authority and to make “cautious, temporary reductions” have left the state in better shape than other states.
“With this certification, we can make targeted investments in agencies, replenish reserves and even consider tax relief,” said Wallace, R-Wellston. “State government is in a very good spot thanks to restrained conservative budgeting last year and a resilient economy.”
Records show the state received about $1.2 billion in federal COVID-19 relief funds last spring. And while many lawmakers expect another round of federal funding earmarked for the states to battle the coronavirus, no legislation has been passed by Congress.
House Speaker Charles McCall, R-Atoka, said vaccines efforts and businesses recovering have helped the economy and replenished state reserves. “Keeping the economy open is continuing to benefit Oklahoma, both for our citizens and now for our state budget,” he said.