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Senate Appropriations Committee
February 28, 2013
Senate Budget Brief
A Summary of Budget News and Actions
Leaders React to Final Revenue Figures
The State Board of Equalization has provided the Legislature with the final amounts available for the FY 2014 Budget. Senate President Pro Tempore Bingman and Chairman Jolley
react.
Page 2
Percent Change
Corporate Income Tax
+50.2%
Individual Income Tax
+ 7.8%
Sales Tax
+ 5.5%
Use Tax
+ 9.3%
Motor Vehicle Collections
SENATE APPROPRIATIONS COMMITTEE
Senator Clark Jolley, Chair
Senator Ron Justice, Vice Chair
State Board of Equalization Issues Final Certification
The Legislature will have an additional $212.6 million to work with when the fiscal year 2014 budget is written. The State Board of Equalization announced the final certification at their February 19 meeting at the State Capitol, approving $7.04 billion for appropriation in the FY’14 budget.
Compared to last year, the biggest increase was in the category of income tax collections, while there were significant decreases in gross production tax collections from FY’13 compared to FY’14. Below are the top revenue categories and changes in dollars.
Continued on Page 4
$-
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
FY2013
FY2014
- 5.9%
Gross Production - Oil
-36.1%
Gross Production - Gas
-19.9%
Object Description
| Okla State Agency |
Senate, Oklahoma State |
| Okla Agency Code |
'421' |
| Title | Senate budget brief : a summary of budget news and actions, 02/28/2013 |
| Authors | Oklahoma. Legislature. Senate. Committee on Appropriations. |
| Publication Date | 2013-02-28 |
| Publication type |
Newsletter |
| Purpose | State Board of Equalization Issues Final Certification; Senate Leaders React to Budget Authority Figures, Growth; Senate Meets Deadline. Next One: March 14; 2014 Budget Requests - By Percentage Increase |
| For all issues click | L1310.6 S474b |
| Digital Format | PDF, Adobe Reader required |
| ODL electronic copy | Downloaded from agency website: http://appropriation.oksenate.gov/appropriations/budgetbrief/2013-02-28_Budget_Brief.pdf |
| Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
| Language | English |
| Date created | 2013-05-17 |
| Date modified | 2013-05-17 |
Description
| Title | 2013-02-28_Budget_Brief 1 |
| Full text | Senate Appropriations Committee February 28, 2013 Senate Budget Brief A Summary of Budget News and Actions Leaders React to Final Revenue Figures The State Board of Equalization has provided the Legislature with the final amounts available for the FY 2014 Budget. Senate President Pro Tempore Bingman and Chairman Jolley react. Page 2 Percent Change Corporate Income Tax +50.2% Individual Income Tax + 7.8% Sales Tax + 5.5% Use Tax + 9.3% Motor Vehicle Collections SENATE APPROPRIATIONS COMMITTEE Senator Clark Jolley, Chair Senator Ron Justice, Vice Chair State Board of Equalization Issues Final Certification The Legislature will have an additional $212.6 million to work with when the fiscal year 2014 budget is written. The State Board of Equalization announced the final certification at their February 19 meeting at the State Capitol, approving $7.04 billion for appropriation in the FY’14 budget. Compared to last year, the biggest increase was in the category of income tax collections, while there were significant decreases in gross production tax collections from FY’13 compared to FY’14. Below are the top revenue categories and changes in dollars. Continued on Page 4 $- $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 FY2013 FY2014 - 5.9% Gross Production - Oil -36.1% Gross Production - Gas -19.9% |
| Date created | 2013-05-17 |
| Date modified | 2013-05-17 |
