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Shareables from the State Board of Equalization Meeting

Shareables from the State Board of Equalization Meeting

Latest financial updates, including where the 1017 and Common Education Technology Funds stand.

Last week's Oklahoma State Board of Equalization meeting included a helpful flowchart that showed how revenues are collected in Oklahoma and their disbursement path to various entities. OMES created this particular flow chart and sent us a copy so that you could actually see how the revenue moves within the state. There were some interesting facts that we can glean from this flowchart.  

1.     The Oklahoma Tax Commission plans to collect $9,810,859,307.00.

2.     The state pays out $782,000,000 in off-the-top revenue.

3.     The state apportions out $2,900,000,000.

4.     The state General Fund then receives $6,500,000,000.

5.     The state pays out $651,000,000 for roads and OHLAP.

6.     This leaves a net of $5,854,386,815.00 in the state General Fund for overall disbursement.

7.     This will leave approximately $349,000,000 to go into the Rainy Day Fund.

The one portion of this that I found interesting was that the state actually will collect $15,300,000,000.00 through all the official state, county and city government offices. We never take into account the various forms of taxes that are collected then disbursed through the state government.  

If you look up in the apportionments, you can see the 1017 Fund that is estimated at $600,000,000 to $700,000,000. Through January 2019, the fund has collected $478,007,774.00. When we project this outward, we find that the fund projects a collection of $819,441,898.00 or just slightly under its projected collections of $819,441,898.29. This indicates that we can expect no revenue failures. The Common Education Technology Fund has already met its collection goals for the year.  

We will try to publish our March finance report the week before spring break. We may have a better idea of the actual revenue available for State Aid; we still expect an extra $60,000,000.00 for the 2020 school year. Using the numbers from 2019, we will have a State Aid projection in the March report.

Andy Evans

Director, Finance

Andy serves as the Finance Director for OPSRC. In this role, he provides help in financial and business-related areas for schools. This includes budgets, managing cash flow, Estimate of Needs, federal programs and general service to aid in the effective use of district resources. Additionally, Andy serves as a resource in customizing budget spreadsheets, projection sheets, and other financial tools essential to administrators in maintaining their district’s financial health.

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