| Submitted by | Brad Henry |
|---|---|
| Submitted to | 49th Legislature |
| Total revenue | $5.50 billion |
| Total expenditures | $5.49 billion |
| Website | http://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[edit]
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[edit]
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[edit]
The Governor's budget identified the following key funding issues:
- Health Care - $201 million increase, including:[2]
- $100 million for expanded health insurance for uninsured poor
- $7 million for cancer research center
- $8.9 million for trauma care
- $3 million for youth tobacco prevention and cessation programs
- Education - $114.3 million increase, including:
- $62.4 million for provide 100% of public teachers' health insurance premiums
- $27 million for higher education scholarships
- Public Safety - $6 million increase, including:
- $6 million for Oklahoma Department of Corrections to annualize supplemental appropriation
- Authorize a 72-member cadet academy for the Oklahoma Highway Patrol
- Transportation - $6.2 million increase to the Oklahoma Department of Transportation for debt payments
- Human Services - $17.6 million increase, including:
- $15 million to Oklahoma Department of Human Services' Child Care program
- $2 million Oklahoma Department of Human Services to prepare young children for school
- $570,000 to Oklahoma Office of Juvenile Affairs to replace one-time revenue
- Commerce, Tourism, Energy, Environment - $7.5 million increase:
- $5 million to Tar Creek Trsut Authority for voluntary relocation plan
- $1.3 million to Oklahoma Historical Society for debt services
- $1.2 million to Oklahoma Department of Commerce for new manufacturing program
Total revenue[edit]
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[edit]
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:
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References[edit]
- ^ "Legislature Completes Budget Work Early | Oklahoma Senate". oksenate.gov. Retrieved 2020-03-30.
- ^ 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.
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