Members of the Legislature recentlylearned we can expect to have about $10.8 billion in recurring revenue to appropriate to state services for the next fiscal year, which starts July 1. We also have almost $1.4 billion remaining from our prior year's budget that could be used for one-time expenses.
The Oklahoma Board of Equalization meets every December to give us this initial revenue estimate, allowing lawmakers to get to work on drafting the state budget. The boardmeetsagaininFebruaryeach year to certify final revenue figures.
This initial figure is down a bit from last year, but that's actually by design. It means we're not growing government. As a matter of fact, we cut the state's portion of the grocery tax this year, meaning we're purposefully shrinking the amount of taxpayer dollars coming into government coffers. I'm sure we'll talk more about further tax cuts during the upcoming legislative session. With this revenue, we still will be able to perform the core functions of state government – educating our children and paying our teachers close to the regional average; taking care of transportation, public safety and health care needs and much more. And our savings of about $3 billion will keep us prepared should we experience any kind of economic downturn.
Overall, we're in a very good position for Fiscal Year 2026.
On another note, the speaker of the House recently announced full committee assignments for the upcoming legislative session. I will be serving on the Appropriations and Budget Transportation Subcommittee and on the Tourism and Transportation committees. This is in addition to my vice chairmanship of the Health and Human Services Oversight Committee.
All of these areas of government are of vital importance to our House district, and I'm glad I'll have a voice on legislation that might impact us.
Remember, if I can help you with anything, please do not hesitate to reach out: (405) 557-7383 or Josh. Cantrell@OKHouse.gov.
Josh Cantrell serves District 49 in the Oklahoma House of Representatives. His district includes Love County and parts of Carter and Marshall counties.