Zero-Based Budgeting

A technique for conducting evaluation reviews of state agencies programs, performance and management under HB 1256.… Read more [More...]

Utility

A government entity that recovers costs from users to pay all operating and capital expenditures of the entity. The recovery normally is through user charges that depend on how much service is consumed. Water, electric, and gas utilities are examples.… Read more [More...]

Veto

An act of an executive official to override all or part of an act by the Legislature. In Oklahoma, the Governor has the power of veto, which can be overridden by a two-thirds vote of both chambers of the legislature… Read more [More...]

User Charge

A fee paid by users of a government service that is based on the unit of service provided and is approximately the same as the benefit the payer receives from the service. Examples include tolls, building permit fees, and college… Read more [More...]

Personal Income

The total of all income of individuals from all sources, including wages and salaries, benefit payments from government, business income, rental income, and proceeds from sale of assets.… Read more [More...]

Line-Item Veto

The power of an executive (most commonly state governors) to eliminate or modify part of an appropriation bill approved by the legislature. In Oklahoma the Governor may line-item veto part of a budget act and the legislature may override the… Read more [More...]

Revolving Fund

A fund that receives income of a specific agency or entity and supports expenditures of that agency or entity. In Oklahoma most revolving funds are not subject to appropriation by the Legislature and balances of the fund carry over from… Read more [More...]

Rainy Day Fund

Also known as the Constitutional Reserve Fund. All General Revenue fund receipts in excess of certification are deposited to this fund until it reaches a maximum of 15 percent of the annual General Revenue Fund revenue.  Three-eighths of the balance… Read more [More...]

Revenue Failure

A situation that arises when revenue collections fall below appropriated amounts (95 percent of certified estimates). By law the Office of State Finance is required to enact proportional across-the-board agency budget cuts to eliminate the shortfall.… Read more [More...]

Legislative Referendum

Process by which the Legislature votes to submit a matter to a vote of the people in the form of a State Question. Requires a simple majority and is not subject to veto by the Governor.… Read more [More...]