06/28/2018 | Morris So good to share...Pinterest0Facebook0Google+0TwitterLinkedinOklahoma had some good news for those with a OK tax ID, as new state budget amounting to a record-setting $7.6 billion, while the state raked in $474 million in new taxes lead to an increased in funding for many of the states’ agencies, many of whom have been cutting down on staff and services to stay in budget. Part of this new funding will be addressing the strikes from teachers asking for better pay, with educators getting pay raises sitting at a state average of $6,100. However, all of the new funding won’t be able to compensate for all the years they spent founding losses, not just to education institutions, but also agencies like the Office of Juvenile Affairs. The $474 million in additional state revenue comes from state legislation upping the initial tax rate imposed on a lot of things that many with OK tax ID pay for, with oil and gas wells up to 5% from 2%, as well as increasing tax on gas by 3 cents per gallon. Diesel meanwhile, increased by 6 cents per gallon, and cigarettes increasing by $1 per pack. Additionally, little cigars the same as cigarettes, with tribal casinos now allowed to have traditional dice games and roulettes. Higher education will receive a cut of all the new state revenue, which will up its annual funding by 1.02% from 2016 to 2017. However, a decade prior, the funding was $1.04 billion, meaning that the new funding of $776.7 million is still a far cry from the old funding. Career Technology and Education will have funding increased by 11.24$, up to $124.3 million, still lower than $158.3 million in 2008. Higher education managed to offset lost revenue with tuition hikes, which, unsurprisingly, it’s added pressure to students in the state. Other departments, like transportation and juvenile affairs are also experiencing increased funding from the prior year, but still quite a bit lower when compared to state funding a decade in the past. Other key state departments under similar effects include mental health, corrections, and human services, among others. Many are saying that these agencies also need more money for a lot of reasons.