Oklahoma Recommended Spending Percentages refer to the recommended guidelines or benchmarks for budgeting and allocating financial resources in the state of Oklahoma. These percentages are designed to assist individuals, households, businesses, and government entities in managing their income and expenditures effectively. 1. Personal Budgeting: — Personal Spending Percentages: These refer to the suggested allocation of income for various expense categories in an individual's budget. They may include percentages for housing, transportation, healthcare, groceries, utilities, savings, and discretionary spending. — Debt Repayment: Oklahoma Recommended Spending Percentages may also offer guidance on allocating a specific percentage of income towards debt repayment, aiming to help individuals manage and reduce their debts effectively. 2. Household Budgeting: — Household Spending Percentages: Similar to personal spending percentages, these guidelines help families distribute their income among essential categories such as housing, utilities, groceries, childcare, education, transportation, insurance, savings, and entertainment. Different households may have varying recommended percentages based on their specific needs and priorities. 3. Business Budgeting: — Business Operating Expenses: Oklahoma Recommended Spending Percentages for businesses focus on ensuring the optimal allocation of income towards different operational aspects. They may recommend spending percentages for personnel salaries, rent/mortgage, utilities, inventory, marketing/advertising, equipment, technology, professional services, and research & development. 4. Government Budgeting: — Public Sector Allocation: These spending percentages are intended for government entities at various levels. They may include recommendations for allocating funds towards education, healthcare, infrastructure development, public safety, social programs, utilities, employee wages, debt servicing, and emergency reserves. It's important to note that the specific recommended spending percentages can vary based on individual circumstances, geographical location, income levels, and personal or business goals. However, Oklahoma Recommended Spending Percentages act as general benchmarks to help guide budgeting decisions and promote fiscal responsibility for individuals, households, businesses, and government organizations across the state.
Oklahoma Recommended Spending Percentages
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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 revenue for public schools comes from four sources: 1) state appropriations; 2) state dedicated revenues; 3) local revenue; and 4) federal revenue. The following graphs depict the apportionment from each source for the national average and for Oklahoma.
The nation spent $752.3 billion on its 48 million children in public schools in fiscal year 2019, a 4.7% increase from the previous year and the most per pupil in more than a decade.
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).
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.
Oklahoma spends $2,742 per person, more than 30 percent of our total government spending, on education.
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.
Public Education Funding by StateAlaska receives the most funding per pupil from the federal government.The District of Columbia receives the second-most federal funding.Utah receives the lowest amount per pupil from the federal government.Colorado receives the second-lowest amount per pupil in federal funding.More items...?
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.
