Category Archives: Financial

OK Farm Bureau’s PAC Endorsed Candidates

OKAgFund endorses, funds candidates in state elections

The OKAgFund, Oklahoma Farm Bureau’s political action committee, has endorsed 22 candidates and donated to 71 candidates running for election in statewide, state Senate and state House races.
The OKAgFund board met Friday, May 18, to donate a total of $63,000 to candidates and to choose candidates for endorsement based on input from farmers and ranchers across Oklahoma.

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Teacher Pay Raise Plan

Plan Overview

The Legislature passed the LARGEST teacher pay raise plan in Oklahoma history

  • Gov. Fallin has already signed it

Moves Oklahoma to NUMBER 2 in the REGION for teacher pay

  • Moves Oklahoma from 48th Nationally to 34th (12th when factoring cost of living adjustments)
  • Oklahoma is already FIRST in the REGION for Benefits

 

The Teacher Pay Raise is ALREADY FUNDED

The Legislature already passed (and Governor signed) the FY-2019 education budget

  • The budget was a 19.74 percent INCREASE (more than $480 million) over the FY-2018 education budget
  • Included funding for:
    • Teacher Pay Raises = $353.5 million
    • Support Staff Pay Raises = $52 million
    • Textbooks = $33 million
    • Flex Benefits = $24.6 million

The plan adjusts the statutory minimum salary schedule

  • The state is on the hook for the raises every year

Every teacher will receive a minimum $5,000 pay increase on AUGUST 1

  • Raises will be based on experience and education level
  • A teacher with 25 years of experience and a doctorate degree will receive a nearly $8,400 raise
  • 15-18 percent increases on average
  • $6,100 average pay increase

AVERAGE NET PAY

 

Funding Mechanisms for Teacher Pay Raise Plan

House Bill 1010XX

  • Raises $405 MILLION Annually
  • Tobacco Tax
    • Adds 50 mills/cigarette tax ($1.00/pack) on cigarettes
    • Adds 50 mills/cigar tax on little cigars
  • Gross Production Tax
    • Increases GPT on all wells from 2 percent to 5 percent
  • Motor Fuel and Diesel Tax
    • Increases tax on gasoline .03 cents/gallon and diesel .06 cents/gallon
  • Hotel/Motel Lodging Tax
    • Adds a $5 per room lodging tax on rented rooms
    • HOUSE REPEALED (Senate would not pass HB1010 with lodging tax)
    • DOES NOT AFFECT TEACHER PAY RAISES
      • Those have already been funded with passage of education budget
    • IT DOES create a $32 million shortfall that must be addressed
    • MULTIPLE OPTIONS available to replace that $32 million
      • Chairman Wallace expects a surplus from FY-2018 growth revenue
      • REVOLVING FUNDS
      • 51 VOTE measures
    •  Still TWO MONTHS of session left to craft a budget for remaining agencies

House Bill 1011XX

  • Raises $84 million annually
  • Places cap on itemized deductions (exempts charitable and medical expenses)

 

THE STATE IS NOT TAXING TEACHERS TO PAY FOR THEIR OWN RAISE

  • The average teacher will see a NET increase in pay of nearly $400/month
  • The average driver will pay approximately $1/month extra in fuel costs
  • Motor Fuel Tax (.03 cents/gallon)
  • FY-2019 = tax will raise $52 million DIVIDED by 2.6 million drivers = $20/year or $1.06/month
  • And ODOT estimates up to 40 percent of motor fuel purchased by out-of-state drivers