2006 Oklahoma state budget

The Oklahoma State Budget for Fiscal Year 2006, was a spending request by Governor Brad Henry to fund government operations for July 1, 2005–June 30, 2006. Governor Henry and legislative leader approved the budget in May 2005.

2006 (2006) Budget of the Oklahoma state government
Submitted byBrad Henry
Submitted to50th Legislature
Total revenue$5.965 billion
Total expenditures$5.951 billion
Websitehttp://www.ok.gov/osf/Budget/index.html Oklahoma Office of State Finance
 2005
2007 

Figures shown in the spending request do not reflect the actual appropriations for Fiscal Year 2006, which must be authorized by the Legislature.

Major Initiatives

The Governor's budget identified the following major initiatives:

  • Education - day long kindergarten programs statewide, pilot program for middle school math improvement program, reforming high school curriculum, and a bond issue for higher education building projects
  • Health Care - reducing the price of prescription drugs
  • Tax Reform - establish an Economic Development Research Endowment Fund, established a Taxpayer Relief Fund, exemption of Corporate capital gains from taxation and estate tax reform

Key Funding Issues

The Governor's budget identified the following key funding issues:

Total Revenue

Tax revenue for Fiscal Year 2006 was $5.75 billion, up 11% from FY2005 levels of $5.2 billion. All revenue of the fiscal year 2006 was $5.96 billion, up 8.2% from FY2005 levels of $5.5 billion. The breakdown is as follows:

  • $5.75 billion - All Taxes
    • $2.01 billion - Individual Income Tax
    • $1.44 billion - Sales and Use Tax
    • $633 million - Gross Production Tax
    • $460 million - Motor Vehicle Tax
    • $403 million - Motor Fuels Tax
    • $173 million - Corporate Income Tax
    • $173 million - Cigarette Tax
    • $460 million - All Other Taxes
  • $203 million - Revenue Increases
  • $3 million - Other Revenue

The Governor's budget called for $13 million in tax cuts, including the follows:

  • $4.6 million in decreased income taxes for the retired
  • $4.2 million in Back to School tax holiday
  • $2.1 million in Workers' Compensation reform
  • $1.8 million in capital gains tax exemption for corporations

Total Spending

Governor's Request

The Governor's budget for Fiscal Year 2006 totaled $5.95 billion in spending, a 9.2% increase over Fiscal Year 2005 levels of $5.5 billion. Percentages in parentheses indicate percentage change compared to 2005 budget. The budget request is broken down by the following expenditures:

  • $93 million - Fiscal Year 2005 Supplementals
  • $47.7 million - Pay Increases for State employees

Actual Appropriations

The Legislature approved a total of $6.2 billion in spending for Fiscal Year 2006, an 11% increase over Fiscal Year 2005 levels of $5.5 billion. Percentages in parentheses indicate percentage change compared to 2005 actual appropriations:

  • $101 million - Fiscal Year 2005 Supplementals

References

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