This bill amends Section 34.2 of Title 62 of the Oklahoma Statutes, which pertains to the requirements for state agencies regarding the estimation of funds expected to accrue to the General Revenue Fund and Special Revenue Funds. The amendment modifies the existing requirement for agencies to provide an itemized estimate of funds for the upcoming fiscal year, now specifying that they must also include a written explanation of the methodology and assumptions used in developing revenue estimates. Notably, the bill removes the requirement for agencies to project revenue collections for the following two fiscal years, focusing solely on the current and ensuing fiscal years.

Additionally, the Oklahoma Tax Commission is tasked with providing a comprehensive economic report to the Director of the Office of Management and Enterprise Services prior to meetings of the State Board of Equalization. This report will summarize recent economic performance and forecast future performance for the current and ensuing fiscal years, rather than extending to the following two years as previously required. The bill ensures that all estimates and reports are shared with key legislative leaders simultaneously with their submission to the Director, enhancing transparency and coordination in state fiscal affairs. The act is set to take effect on November 1, 2025.