OK HJR1012

Proposes amending the Oklahoma Constitution to shift from annual to biennial (two-year) budgeting, with the Legislature considering only budgetary and revenue matters during odd-numbered years and other legislation during even-numbered years

Requires the State Board of Equalization to certify revenue estimates for two fiscal years instead of one, with certifications due 35-45 days before the first Monday in February in odd-numbered years

Modifies the Constitutional Reserve Fund (rainy day fund) to operate on a two-year cycle, maintaining the requirement that surplus funds be deposited until the fund reaches 15% of the General Revenue Fund certification for the preceding two-year period

Allows up to three-eighths of the Constitutional Reserve Fund balance to be appropriated when revenue estimates for the upcoming two-year period are less than the current period, or when a revenue failure occurs

Constitutional changes would take effect January 1, 2013, and the measure would be submitted to voters for approval or rejection through a state question