HB 2500 Summary

• Appropriates funds to the Oklahoma Department of Commerce from the General Revenue Fund for fiscal year ending June 30, 2011.

• Establishes budgetary limitations for the Department including full-time-equivalent employees and authorized expenditures for operational categories (Community Development, Global Business Services, Operational Support, and Contracts for Community and Economic Development).

• Specifies that appropriated funds may be budgeted for FY-11 or FY-12, with funds budgeted for FY-11 required to be encumbered by June 30, 2011 and expended by November 15, 2011, or they will lapse.

• Sets salary limitations for the Executive Director of the Oklahoma Department of Commerce and authorizes the Director to set compensation for other necessary employees.

• Declares an emergency and makes the act effective July 1, 2010 upon passage and approval.