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
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
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
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
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
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
- ^ "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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