A budget agreement released by Oklahoma State Legislature leadership has received approval from Governor Kevin Stitt, who praised the plan for its focus on fiscal responsibility, long-term savings, and increased investment in education.
Governor’s Priorities in the New Budget
The agreement establishes a framework for several of Governor Stitt’s key priorities, particularly the creation of a Taxpayer Endowment Trust Fund. This fund is designed to build and secure the state’s savings, which will help support core government services in the long run. The governor emphasized the importance of maintaining responsible financial policies that will benefit the state in the future.
Focus on State Savings and Fiscal Responsibility
Governor Stitt highlighted that one of the central focuses of his administration has been saving for Oklahoma’s future. He pointed out that when he took office in 2019, the state’s Rainy-Day Fund had been depleted, leaving Oklahoma without sufficient reserves.
Since then, Stitt said the state has built the largest savings in its history, which has helped bolster core services and shield taxpayers from potential tax hikes.
As part of the new budget agreement, the state will set aside $200 million from existing savings to establish the Oklahoma Taxpayer Endowment Fund. This fund will function similarly to a sovereign wealth fund, expected to generate a stable revenue stream over the next decade while continuing to support essential services and the state’s long-term goal of eventually eliminating the income tax.
Investments in Education
A key component of the budget agreement is education funding. Governor Stitt emphasized his administration’s historic investments in education, and the new budget aims to build on this progress. The agreement includes provisions for a third teacher pay raise under Stitt’s leadership. Additionally, it reinforces policies designed to expand school choice, giving students and families more educational options.
Next Steps in the Legislative Process
While the agreement sets the foundation for the budget, the final approval and additional legislative actions will take place in the coming weeks as Oklahoma’s leaders continue to work toward finalizing the budget.
