2005 Oklahoma state budget

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]

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

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:

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:

References

  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.CS1 maint: multiple names: authors list (link)
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