OK HB1261

Appropriates funds to the Oklahoma Department of Commerce from the General Revenue Fund for fiscal year ending June 30, 2010, with specific budget categories: Community Development, Global Business Services, Operational Support, and Contracts for Community and Economic Development.

Establishes budgetary limitations on full-time-equivalent employees and expenditures for the Department, excluding capital and special projects authorized under Title 74, Section 3603 of the Oklahoma Statutes.

Sets encumbrance and expenditure deadlines: FY-10 funds must be encumbered by June 30, 2010 and expended by November 15, 2010; FY-11 funds may be encumbered through June 30, 2011 and must be expended by November 15, 2011.

Allows funds budgeted for FY-10 that are not needed to be re-budgeted for FY-11 after submission and approval of a budget work program revision by the Office of State Finance.

Declares an emergency, making the act effective immediately upon passage and approval rather than on the standard July 1, 2009 effective date.