OKLAHOMA CITY (AP) — Oklahoma Gov. Kevin Stitt signed key legislation Monday to implement a $9 billion spending plan for the fiscal year beginning July 1.
The general appropriations bill Stitt signed outlines state funding for various agencies.
Stitt and Republican legislative leaders announced an agreement two weeks ago on an $8.3 billion spending plan. Still, Stitt spokeswoman Carly Atchison says the final budget bills approved by the Legislature authorize a total of $9.06 billion in spending for the Fiscal Year 2022 budget.
Among the key provisions of this year’s budget agreement is an increase in funding for public schools of $171.6 million, or 6%, from last year’s funding levels, and a diversion of more than $800 million into a state savings account. The Legislature also fully funded an expansion of the state’s Medicaid program approved by voters last year.
The budget agreement includes cuts to the corporate and top individual income tax rates and restoration of the refundability of the earned income tax credit, which is designed to help low-income Oklahomans.
The budget deal reflects a much-improved relationship between Republican leaders and Stitt, who vetoed the Legislature’s budget last year and forced a veto override by members of his own party.
