Oklahoma Senate Bill SB1162

Oklahoma 2024 Regular Session

• Introduced: 2/20/23
• Refer: 2/22/23

Caption

Appropriations; making an appropriation to the Oklahoma Department of Commerce. Emergency.

Impact

The bill introduces provisions that allow funds intended for FY-24 to be encumbered only until June 30, 2024, and mandates that any unspent appropriations after November 15, 2024, lapse back into the general fund. This timeline is crucial for maintaining budgetary discipline within the Oklahoma Department of Commerce and ensures that funds are allocated and spent in a timely manner. By stipulating how and when these funds can be encumbered or lapsed, SB1162 aims to enhance transparency in the financial dealings of state agencies.

Summary

Senate Bill 1162 pertains to appropriations, making a specific allocation of funds to the Oklahoma Department of Commerce. It proposes an appropriation of $100,000 from the General Revenue Fund of the State Treasury for the fiscal year ending June 30, 2024. The bill ensures that these funds can be utilized for the duties imposed on the Oklahoma Department of Commerce and outlines the budgetary restrictions and procedures surrounding these funds, emphasizing the importance of fiscal responsibility and accountability in appropriations.

Contention

While the bill presents a straightforward approach to funding, discussions may arise around the appropriations process, particularly concerning how these funds are prioritized and used by the Oklahoma Department of Commerce. The emphasis on requiring budget revisions to move unused funds from one fiscal year to another underscores the need for ongoing oversight and deliberation in state budgetary matters. Though there may not be significant opposition indicated in the provided documents, the procedural aspects of budget management can often lead to debates on fiscal priorities among legislators.