Gov. Stitt signs FY2025 state budget

I've been out of town and busy with other things over the past two weeks, so I'm a bit behind on blogging. Here's some news from earlier this week, when Governor Kevin Stitt signed the state budget into law (some legislators had been concerned he would veto portions of it, but those fears were unfounded).

GOVERNOR STITT SIGNS FY25 BUDGET

OKLAHOMA CITY (June 12, 2024) - Today, Governor Kevin Stitt signed the budget for the state’s 2025 fiscal year into law. After giving effect to elimination of the grocery tax, the largest single tax cut to delivered to taxpayers in state history, this budget authorized state expenditures at a reduced level relative to last year while delivering on strategic investments in infrastructure and efforts to further the Governor’s pro-business, pro-family policies.

"This was the most transparent budget process in state history, and that is something to be proud of," said Governor Stitt. "Every Oklahoman had the opportunity to have a front row seat to the negotiations that took place and to see how their tax dollars were spent. The state has taken a step forward today, but our work is unfinished. I will continue to fight for more tax cuts and keeping a lid on the growth in government in Oklahoma."

The Governor laid out several budget-related objectives leading up to and during this most recently concluded legislative session related to the budget:

• Deliver on tax relief for all Oklahomans;
• Enhanced budget transparency;
• Ensure that recurring expenditures were in line with recurring revenues; and
• Make targeted, strategic one-time investments while preserving Oklahoma’s savings levels near $5 million.

Through partnership, cooperation, and negotiation among the Governor, the Speaker and the Pro Tem, each of these objectives were met yielding a successful result for Oklahoma.

Governor Stitt added, "As Speaker McCall and Pro Tem Treat wrap up their final year in office, I want to commend them on their efforts to leave a legacy of transparency. I look forward to working with their successors and expanding on those relationships and the progress made this year."

The FY 2025 budget authorized $12.47 billion in state spending.

SB 1125 can be found here.

The House Budget Transparency Portal can be found here. The Senate FY25 Budget Highlights can be found here. 

Speaker McCall Comments on Governor's Budget Approval

OKLAHOMA CITY (June 12th) – Speaker Charles McCall, R-Atoka, issued the following statement following Gov. Kevin Stitt's signing of the FY25 Budget: 

"We appreciate Gov. Stitt honoring his commitment to sign and support a strong budget made possible due to the economic environment created by Conservative leadership in the House.

Overall, spending is down 5.3% compared to last year, while only exercising 89% of overall budget authority. The House is proud to have championed, for a third straight year, a personal income tax cut and a path to zero as future revenues rise, in addition to the repeal of the states grocery tax. We appreciate Gov. Stitt’s support of these efforts as well, and hope to see them prioritized in the future."

Pro Tem Treat Comments on Governor Stitt Signing State Budget 

OKLAHOMA CITY (June 12th) - Senate Pro Tem Greg Treat, R-Oklahoma City, today issued the following statement after the governor signed the state budget for FY '25. 

“I am proud the Senate showed true leadership in the budget transparency process and pleased the governor decided to sign it into law, while backing down from a tax cut that would have put the state on an unsustainable financial path for future legislators. I’m also proud to have co-authored the largest tax cut in state history in eliminating the state portion of the grocery tax. Once it goes into effect, it will represent more money in the pockets of all 4 million Oklahomans.” - Pro Tem Greg Treat