Management of the State of Oklahoma is responsible for the establishment and maintenance of internal accounting controls designed to ensure assets are safeguarded and financial transactions are properly recorded and adequately documented. Such internal controls require estimates and judgments from management so that, in attaining reasonable assurance as to the adequacy of such controls, the cost does not exceed the benefit obtained.
Oklahoma's Constitution restricts total appropriations to 95% of estimated general revenues. The Board of Equalization is responsible for approving the official itemized estimate of revenues based upon information provided by the Office of Management and Enterprise Services and the Oklahoma Tax Commission and sets the amount of legislative appropriations authority.
State finances are governed by rules designed to ensure sound, conservative management. The Legislature cannot appropriate more than 95% of the general revenue expected to be collected in the coming year. The state Board of Equalization, an independent board not subject to legislative control, establishes the legislative appropriation authority. Oklahoma maintains a cash flow reserve sufficient to meet fluctuating cash needs. General obligation indebtedness is prohibited without a vote of the people. When revenue receipts are less than estimated, the director of Finance is mandated by the Oklahoma Constitution to declare a revenue shortfall and reduce appropriations, as required, to allow appropriations to be covered by current year tax collections.
State revenues vs expenditures
Article X of the Oklahoma Constitution outlines how the state can manage its finances. The Budget Balancing Amendment, which voters approved as State Question 298 in 1941, prohibits the state from budgeting spending at a level higher than anticipated revenues. The State Board of Equalization meets regularly to estimate revenues and the budget is adjusted accordingly.
2018 Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report for the State of Oklahoma seeks to provide a clear picture of the government as a single, unified entity and to provide traditional fund based financial statements.
The CAFR includes an overview of the state's economic performance, a review of current initiatives and summary financial data. It contains management’s discussion and analysis, government-wide financial statements and fund financial statements for governmental funds, proprietary funds, fiduciary funds and similar component units, and major component units. It also includes notes to the financial statements, required supplementary and other information, and selected financial and demographic information.
Fiscal Year 2019 Gross Receipts
Gross Receipts to the Treasury for both the month of June and Fiscal Year 2019 indicate ongoing growth in the state’s economy, but recent collection data is sending some mixed signals, State Treasurer Randy McDaniel announced.
The Office of the State Treasurer developed the monthly Gross Receipts to the Treasury report in order to provide a timely and broad view of the state’s macro economy.
It is released in conjunction with the General Revenue Fund allocation report from the Office of Management and Enterprise Services, which provides important information to state agencies for budgetary planning purposes.
The General Revenue Fund receives less than half of the state’s gross receipts with the remainder paid in rebates and refunds, remitted to cities and counties, and apportioned to other state funds.