OK HB2763

Creates the Revenue Stabilization Fund as a continuing revolving fund in the State Treasury, with deposits triggered only after General Revenue Fund collections reach or exceed $5.73 billion in a fiscal year.

Deposits 100% of gross production tax revenues on oil and natural gas exceeding the five-year moving average, plus 75% of corporate income tax revenues exceeding the five-year average (with the remaining 25% going to the Constitutional Reserve Fund).

Authorizes withdrawals during declared revenue failures: the Director of OMES may withdraw up to 25% of the fund balance, and the Legislature may appropriate up to 25% to address shortfalls; up to 50% may be appropriated if projected revenues decline year-over-year.

Requires the Office of Management and Enterprise Services to submit performance reports to the Governor and Joint Committee on Appropriations and Budget by December 15, 2018, and every five years thereafter.

Effective date: November 1, 2016.