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Implications of Capital Projects for State Budgets
Like many other states, Oklahoma is faced with some serious problems with respect to a deteriorating critical infrastructure, including most especially the need for repairs and improvements on its roads and bridges. In response, the Oklahoma Long Range Capital Planning Commission has recommended a series of long-term capital projects through fiscal year 2024 that are intended to address the most serious of these infrastructural problems. The purpose of this paper is to provide a description and brief overview of the Oklahoma Long Range Capital Planning Commission, the size of the state for which it is responsible and its overall responsibilities. In addition, a description of the types of government projects and the implementation process that are involved is followed by a discussion concerning the respective advantages and disadvantages of the projects on the state’s operating budget. Finally, a summary of the key findings and recommendations about the effects of capital projects on operating budgets are presented in the paper’s conclusion.
Description and brief overview of the Oklahoma Long Range Capital Planning Commission
The Oklahoma Long Range Capital Planning Commission (hereinafter “the commission”) is comprised of nine members who are tasked with providing timely and informed recommendations to the Oklahoma...
To this end, the commission provides the state legislature and governor with a series of proposed capital improvement projects and the corresponding annual fiscal year capital budget required to accomplish them (Oklahoma Long Range Capital Planning Commission overview, 2018). The commission is responsible for these capital budgeting activities for a state population of approximately 4 million people, representing an increase of about 5% from the 2000 census (Oklahoma population, 2018).
Description of the type of government project and implementation process
In its most recent capital improvement plan (2017), the commission provided the state legislature and governor with the list of recommended capital projects through fiscal year 2024, including $64,108,465 for public safety-related infrastructure initiatives. It is important to note, however, that these funds are intended to address the most serious infrastructure problems facing the state at present and for the next several years because the failure of any of the targeted projects will have serious implications for the state as discussed below.
Advantages and disadvantages of the project on the agency operating budget
The advantages of allocating sufficient funds to…
References
Davis, J., Hall, K. & Kaspereit, D. (2017). State of Oklahoma FY 17-FY 24 capital improvements plan. State of Oklahoma. Retrieved from https://www.ok.gov/DCS/ documents/CapitalImprovementsPlan17-24.pdf.
Capital budgeting in the states. (2018). National Association of State Budget Officers. Retrieved from https://www.nasbo.org/mainsite/reports-data/capital-budgeting-in-the-states
Oklahoma population. (2018). World Population Review. Retrieved from http://worldpopulation review.com/states/oklahoma-population/
The impact of capital projects on the operating budget. (2018). Government Finance Officers Association. Retrieved from http://www.gfoa.org/impact-capital-projects-operating-budget
Weaver, S. C. (2011, January 1). Capital budgeting procedures, policy, and practices. Journal of Applied Finance, 21(1), 39-43.
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