ROA-25 Revolving Fund; requiring transfer from certain fund to the ROA-25 Revolving Fund; transfer; amounts; budgeting and expenditure requirements.
Summary
HB2767 is an appropriations and transfer bill that moves money into the ROA-25 Revolving Fund, a fund created by separate legislation (Enrolled House Bill No. 2781). The bill directs the State Treasurer to transfer $180 million from the Perform Fund into the ROA-25 Revolving Fund and authorizes the Oklahoma Department of Commerce to transfer an additional $75 million from prior appropriations made to the department under Senate Bill No. 1179 from the 59th Legislature. Both transfers are to be budgeted and expended according to law.
The practical effect of the bill is to capitalize the ROA-25 Revolving Fund with up to $255 million in combined resources, using existing state funds rather than creating a new revenue source. The bill does not itself define the underlying program funded by the revolving fund, but it establishes the financing mechanism and spending constraints for that fund, tying the transfers to the legal framework created in HB2781 and related appropriations law.
Impact
HB2767 amends state fiscal administration by requiring one transfer from the Perform Fund and authorizing another from Oklahoma Department of Commerce appropriations into the ROA-25 Revolving Fund. It affects the State Treasurer, the Department of Commerce, and the budgeting/expenditure of the receiving revolving fund, but does not directly amend substantive program law beyond funding support. The bill reallocates existing state monies and sets the amounts available for the ROA-25 fund’s use under the governing law.
Sentiment
The bill appears to have generally favorable support in the Legislature. It passed the Senate Appropriations and Budget Committee 20-5 and the House third reading 66-23, and the House committee action was reported as do pass as amended by committee substitute. Those vote totals suggest broad support, though not unanimous, with some members opposing the measure or the scale of the transfers.
Contention
The main point of contention appears to be the size and source of the transfers, particularly the $180 million from the Perform Fund and the $75 million from Department of Commerce appropriations. Opponents likely questioned diverting large sums from existing funds or the policy purpose of the ROA-25 Revolving Fund, while supporters backed the financing package as necessary to capitalize the fund. The recorded no votes in committee and on the House floor indicate concern over fiscal priorities and the use of previously appropriated or dedicated monies.