Gov. Stitt Signs FY 2022 State Budget Into Law
On Monday, Gov. Kevin Stitt signed into law the Fiscal Year 2022 state budget package included in House Bill 2900, the general appropriations bill.
The FY 2022 budget cuts taxes for all Oklahomans, invests a record $3.2 billion in education, and replenishes over $800 million in state reserve funds that were significantly reduced to offset pandemic-related revenue reductions last year for $1.3 billion in savings for the state of Oklahoma.
“This budget delivers the People’s Agenda and is a major win for Oklahomans in all corners of our state,” said Stitt. “Because we kept Oklahoma open for business in 2020, we are able to make historic investments in education and other core services while cutting taxes and replenishing our state savings account.”
House Bill 2900 authorizes $9.06 billion in spending for Fiscal Year 2022, which begins July 1, 2021. It includes increases to common education funding by $171.6 million, or 6%, to a record high of nearly $3.2 billion. The bill replenishes the state savings account by more than $800 million to a total of $1.3 billion and funds expanded Medicaid for low-income Oklahomans.
The budget was built on the Board of Equalization’s February certification of $9.6 billion in revenue available for appropriations.
While Republicans are pleased with the budget, Democrats have criticized it saying that the process was rushed and lacked input from the minority party and Oklahoma residents.
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