Oklahoma - Public finance

The Oklahoma budget is prepared by the director of state finance and submitted by the governor to the legislature each February. Article 10, section 23 of the Oklahoma Constitution requires a balanced budget. The constitution establishes a "Rainy Day" Fund into which general revenue fund revenues in excess of the certified estimate are deposited for emergency appropriation at a later date. All funds are "appropriated" pursuant to the constitution. In addition, state law authorizes a cash-flow reserve fund that can be up to 10% of the approved budget. The fiscal year is 1 July–30 June.

Taxes in Oklahoma provide over half of total treasury funds. In 2000/01, general fund revenues, at $5.055 billion, were comfortably above expenditures, which were $4.819 billion. In 2002/03, however, revenues dropped to $4.791 billion, and Oklahoma has since been faced with serious budget problems, particularly as costs have continued to rise. Across-the-board cuts have been mandated, as are required by the constitution. In 2001/02, the legislature made cuts totaling $173.7 million in the budget after it was enacted; in 2002/03, post-enactment cuts reached $427.2 million. Oklahoma's budget deficit was estimated at 20.6% of its state budget for 2002/03, and was projected at 15.9% of the state budget for 2003/04. In 2000/01, Oklahoma had a starting balance equal to 13.1% of expenditures. By 2002/03, the starting balance had dropped to 1% of expenditures.

The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.