State Senator Kim David, Republican Majority Ground Chief
I’m proud to say that this was probably the most productive legislative classes we’ve ever had. We made super strides in strengthening Oklahoma’s financial system and serving to enhance the lives of our residents.
Altogether, the governor signed near 600 payments, which included almost 15 of mine. A type of will assist our devoted 33,000 state staff by modernizing the annual state worker versatile profit allowance to higher tackle ever-increasing healthcare prices.
Senate Invoice 650 will increase the statutory minimal profit allowance quantity for Plan Yr 2023 by 2 p.c and supplies for a further 2 p.c enhance for Plan Yr 2023. It then establishes the allowance quantity in Plan 2023 because the statutory minimal profit allowance quantity. This was an essential step for these devoted public servants who work year-round, and basically get a pay lower annually as the present profit allowance calculation isn’t maintaining tempo with the ever-growing prices of their state medical health insurance. This modest change will assist alter for inflation and convey the profit allowance extra in step with present medical health insurance prices. State worker compensation can be roughly 12 p.c beneath the market worth, so this is a crucial step in serving to correctly compensate these staff that present crucial providers from well being and human providers to transportation and public security.
As for the funds, it was probably the most complete I’ve seen throughout my time because of Oklahomans’ resilience, the legislature’s fiscal conservatism final 12 months in not spending all obtainable income and our financial system totally reopening so rapidly. Collectively, this helped infuse our state basic fund with report income that we have been in a position to put into the historic $8.8 billion FY’22 funds. It’s exhausting to consider we’ve come so removed from the $1.3 billion income shortfall we have been dealing with final 12 months from low vitality costs and the pandemic.
This may shield our core state providers like training, public security, and well being and human providers, among the many many others. It restores final session’s cuts and will increase many of the almost 70 state company budgets.
Our public faculties are all the time a precedence and acquired a income increase of almost $172 million, leading to a historic $3.2 billion funds, which accounts for over one-third of the entire state funds. Total, together with increased training and different education-related companies, Oklahoma training will obtain almost $4.17 billion, which is sort of half of the entire state funds. This funding degree will set off decrease class sizes for kindergarten and first grade and supply much-needed new funding for textbooks together with different crucial classroom bills.
A $42 million funding may also be made to broaden broadband providers statewide, particularly in rural areas. Oklahoma ranks 47thnationally in broadband connectivity, hurting not solely these attempting to work and be taught, however deterring companies from finding right here. This supplier tax rebate will assist extra communities get the high-speed web service they should perform in our digital age.
We’re additionally placing a refund into the pockets of hardworking Oklahomans and the businesses who help our financial system. All Oklahomans will obtain tax aid by way of the discount of the non-public revenue tax to 4.75 p.c, and low-income households may also obtain extra aid by way of the restoration of the state earned revenue tax credit score refundability. Our enterprise neighborhood will see aid by way of the company revenue tax being decreased to 4 p.c. These modifications will go away Oklahoma with the third lowest company revenue tax of those who have one and one of many 10 lowest private revenue taxes nationwide.
Healthcare is one other space the place crucial investments can be made. The funds contains $164 million to fund the voter-approved Medicaid growth. OU Well being’s historic gross sales tax credit score was additionally restored to permit considerably extra nurses and medical doctors to be skilled, addressing our state’s harmful scarcity of medical professionals, particularly in rural areas like ours.
Additional serving to rural Oklahoma, a further $15 million can be supplied for Rural Financial Motion Plan (REAP) grants for crucial infrastructure initiatives in communities of seven,000 or much less. These grants cowl transportation, water and different main infrastructure wants.
You possibly can be taught extra in regards to the FY’22 funds on the Senate web site at www.oksenate.gov.
NOTE: This report is tailored from one which first appeared right here on the Tulsa In the present day web site.
