After the Legislature approves an appropriations bill, it is sent to the governor, who may sign it into law, or may veto it.
A vetoed bill is sent back to the Legislature, which can pass it into law with a two-thirds majority in each chamber.
The budget cycle starts with state agencies developing a detailed outline of financial needs for the next fiscal year.
On the first Monday in February, the governor must submit a balanced budget to the Legislature based on the Office of State Finance review of budget requests and subsequent recommendations by the Office of State Finance, the governor's cabinet secretaries and policy advisors.
Once certified, the amount may only be altered if the Legislature passes measures design to increase or reduce revenues.
Once the Legislature convenes in February, both the Oklahoma Senate's Appropriations Committee and the Oklahoma House of Representatives' Appropriations Committee begin meeting to review each agency's budget request.
The current fiscal year ends on June 30 and the recently enacted budget takes effect on July 1.
A state agency, based upon funds appropriated by the Legislature and other funds available to the agency, then develops a Budget Work Program which outlines in detail planned expenditures for the ensuing fiscal year.
Legislative budgetary control is maintained over the state agencies at the line item level as identified in appropriation acts.
Tax revenues have averaged approximately 5.8% to 6.5% of the state's gross domestic product.