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2005 Oklahoma state budget

From Wikipedia, the free encyclopedia
2004 (2004) Budget of the Oklahoma state government
Submitted byBrad Henry
Submitted to49th Legislature
Total revenue$5.50 billion
Total expenditures$5.49 billion
Websitehttp://www.ok.gov/osf/Budget/index.html Oklahoma Office of State Finance
‹ 2004
2006

The Oklahoma State Budget for Fiscal Year 2005, was a spending request by Governor Brad Henry to fund government operations for July 1, 2004–June 30, 2005. Governor Henry and legislative leader approved the budget in May 2004.[1]

Figures shown in the spending request do not reflect the actual appropriations for Fiscal Year 2005, which must be authorized by the Legislature.

Overview

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Fiscal Year 2004 saw revenue increase for the first time since FY2002. FY2005 represented the first budget year following a four-year recession

Major initiatives

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The Governor's budget identified the following three major objectives:

  • Education – increase teacher salaries to the regional average over a five-year period
  • Health Care – expand health insurance to the uninsured poor, decreased youth tobacco usage, increase funding for trauma care and establish a Cancer Research Center
  • Economic Growth – exempt capital gains from individual income taxes, reduce taxes on the retired and permanently reduce individual income tax rate from 7% to 6.65%

Key funding issues

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

Total revenue

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Tax revenue for Fiscal Year 2005 was $5.2 billion, up 4.9% from FY2004 levels of $4.9 billion. All revenue of the fiscal year 2005 was $5.5 billion, up 7.4% from FY2004 levels of $5.16 billion. The breakdown is as follows:

  • $5.148 billion - All Taxes
    • $1.97 billion - Individual Income Tax
    • $1.33 billion - Sales Tax
    • $361 million - Gross Production Tax
    • $217 million - Motor Vehicle Tax
    • $101 million - Corporate Income Tax
    • $1.17 billion - All Other Taxes
  • $356 million - Revenue Increases

Total spending

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The Governor's budget for Fiscal Year 2005 totaled $5.49 billion in spending. Percentages in parentheses indicate percentage change compared to 2004. The budget request is broken down by the following expenditures:

References

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  1. ^ "Legislature Completes Budget Work Early | Oklahoma Senate". oksenate.gov. Retrieved 2020-03-30.
  2. ^ Office of State Finance, Budget Division, the Fiscal and Research Division and the State Comptroller (2004). FY-2005 Executive Budget. Oklahoma: Central Printing. p. 22.{{cite book}}: CS1 maint: multiple names: authors list (link)
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