By the Numbers: February 2025 Board of Equalization Meeting

The state’s Board of Equalization met Friday afternoon to give the first look at the appropriation possibilities for 2026. The board confirmed a handful of numbers including the overall revenue fund.

1. $12.7 billion
2. The state of Oklahoma has a total general revenue account of $12.7 billion. 
3. $12.3 billion
4. Statutorily, lawmakers are only allowed to appropriate 95% of the total available funds, meaning they have $12.3 billion available to appropriate.
5. $12.46 billion
6. The state of Oklahoma appropriated $12.46 billion for FY2025. Typically, lawmakers appropriate between 70-80% of funds certified by the Board of Equalization. 
7. $4.6 billion
8. The state has $4.6 billion in reserves and unspent cash leftover from 2025.
9. $240 million
10. Governor Kevin Stitt estimates that a ½ point cut to state income tax will cost Oklahoma $240 million in the first year.
11. $1.9 billion
12. Governor Kevin Stitt estimates that the income tax cut he requested, coupled with other one-time investments will account for $1.9 billion.
13. $11.1 billion
14. If the tax cut is approved by state lawmakers, Governor Stitt says the state would be left with $11.1 billion in the recurring base.
15. $1.2 billion
16. State senators say they have received around $1.2 billion in new funding requests from executive branch agencies to consider.
17. $500 million
18. State senators say they have received nearly $500 million in new capital project requests.

Budget teams in the state and senate will begin reviewing the numbers to complete the state’s budget for 2026. This must be completed by the end of session in May