The Oklahoma State Budget for Fiscal Year 2015, is a spending request by Governor Mary Fallin to fund government operations for July 1, 2014 – June 30, 2015. Governor Fallin proposed the budget on February 3, 2014. This was Governor Fallin's fourth budget submitted as governor.
Governor's major issues.
Tax cut.
In the 2013 legislative session, Governor Fallin requested and the Oklahoma Legislature enacted HB2032 reducing Oklahoma's top marginal income tax rate from 5.25 percent to 5 percent beginning January 1, 2015. The law was subsequently declared unconstitutional by the Oklahoma Supreme Court. Governor Fallin again calls for the enactment of the tax cut, reducing tax revenues an estimated $47.4 million for FY2015.
Total spending.
Request.
The Governor's proposed Executive Budget for 2015 totals $7 billion in spending. Figures shown in the spending request do not reflect the actual appropriations for Fiscal Year 2015, which must be authorized by the Legislature. Percentages in parentheses indicate percentage change compared to Fiscal Year 2014 enacted budget. The budget request is broken down by the following expenditures: