OK Policy's stimulus page summarizes our analysis of the federal stimulus package, the American Recovery and Reinvestment Act (ARRA). In addition to our monthly Stimulus Update reports, you'll find our original in-depth brief on the ARRA and the funds it provides for economic recovery, both nationally and in Oklahoma. Our Stimulus Resources page provides an ever-growing list of links to official and other sources of stimulus information.

OK Policy's full FY '10 Budget Review provides an in-depth analysis of the budget adopted by the 2009 Legislature. It examines the major choices regarding revenues and expenditures that led to the final decisions on the budget, considers what may be the impact of the budget on state agencies and the people they serve, and explores the budget outlook for FY '11 and beyond. The brief includes 10 charts and tables allowing you to see where revenues came from and where they were appropriated.

On June 4th, Treasurer Scott Meacham announced a mid-year FY '09 revenue shortfall in the General Revenue Fund, requiring agencies to take cuts to their FY '09 appropriations totaling $6.8 million.This OSF spreadsheet allocates the shortfall across the state agencies

With little time left in the legislative session, Oklahoma's budget is still up in the air. While a budget agreement between Governor Brad Henry and legislative leaders is imminent, a new Oklahoma Policy Institute issue brief advises state leaders to more seriously consider employing the Rainy Day Fund in FY '10.
 
The brief--"Now is the Time: Using Stimulus and Rainy Day Funds can Reduce the Impact of State Budget Cuts"--projects the state's economic condition and budget shortfalls for the next four years.

Property taxes, also known as ad valorem taxes, are the largest single local government revenue sources in Oklahoma (52 percent of local government tax revenue). Oklahoma has among the nation's lowest property taxes. Two proposals being considered by the 2009 Legislature would lower the annual cap on property tax increases. This fact sheet summarizes major elements of  Oklahoma property taxes.

Under provisions that were enacted as part of the federal stimulus bill in February, Oklahoma could be eligible for $75.9 million in federal funds for its Unemployment Insurance program that could avert or minimize tax increases and benefits cuts, provided that the state enacts modest and worthwhile changes to its program. A new brief from OK Policy looks at the UI reforms contained as part of the stimulus; what Oklahoma must do to become eligible for the additional federal funds, and why enacting these reforms is in the state’s interest.

With the economic downturn now contributing to large and growing state budget shortfalls, Oklahoma faces great challenges in making progress towards its goals of becoming a healthier, better-educated, and more economically vibrant state that provides opportunities to all. This presentation from OK Policy provides a wealth of information about how we fund public services, with a particular emphasis on the short-term and long-term challenges ahead. The presentation includes updated information reflecting recent revenue forecasts and the federal economic recovery package.

An Internet site is being set up to allow Oklahomans to see how the state plans to spend money from the federal stimulus package, Gov. Brad Henry said Monday.

The governor also named state Auditor and Inspector Steve Burrage to keep track of how state government spends the federal money.

"By posting all information on the Web and having the auditor oversee the process, we can bolster public trust and ensure an informed citizenry," Henry said.

Our original stimulus funding brief and summary table may now be found at http://www.okpolicy.org/stimulus, along with our monthly Stimulus Update and other resources on the American Recovery and Reinvestment Act (ARRA) or federal stimulus bill.

Governor Brad Henry delivered his Executive Budget for the upcoming year, FY '10, on February 2, 2009. Despite declining state revenues, the Governor was able to present a balanced $7.084 billion budget without tax increases, across-the-board budget cuts, or use of the state's Rainy Day Fund reserves. He did so by proposing over $330 million of revenue-generating measures, including a number of fee increases, and almost $50 million of targeted cuts to agency budgets.