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Oklahoma Yearly Expenses by Quarter
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Multi-State
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US-174-AZ
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How to fill out Yearly Expenses By Quarter?
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FAQ
Health and Social Services: State government is the main provider of health and social services. Its $7.67 billion annual spending is the largest single use of state funds. The state operates a wide range of social services, of which the largest is Medicaid, the health insurance program for low-income Oklahomans.
Among the states, Alaska had the highest per capita state and local spending in 2019 at $17,596, followed by New York ($15,667) and Wyoming ($15,107).
Oklahoma's tax system is very centralized. As compared to the rest of the country, more of Oklahomans' taxes go to the state Capitol rather than to their local governments. Local governments collect just 37 percent of all tax revenue in Oklahoma, compared to 42 percent nationally.
A company's total budget is the sum of all its expenditures over a given period of time -- usually a financial quarter or fiscal year. A total budget, which is also known as a master budget, comprises the amount of money available to cover expenses such as payroll, investments, product development and marketing.
What do state and local governments spend money on? State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
Nearly 60 percent of mandatory spending in 2019 was for Social Security and other income support programs (figure 3). Most of the remainder paid for the two major government health programs, Medicare and Medicaid.
In the fiscal year of 2020, the state of Oklahoma had state debt totaling 10.03 billion U.S. dollars. However, the local government debt was slightly higher at 12.17 billion U.S. dollars.
Sales taxes are the largest tax source for Oklahoma governments, followed by the individual income tax. Together these account for 55 percent of Oklahoma tax revenue.
Oklahoma's budget basics According to the National Association of State Budget Officers (NASBO), Oklahoma's total expenditures in fiscal year (FY) 2021 were $27.8 billion, including general funds, other state funds, bonds, and federal funds.
Oklahoma spends $2,742 per person, more than 30 percent of our total government spending, on education.
