Tulsa Finds Leftover Funds

Tulsa city councilors were surprised last week when budget director Pat Connelly reported that the city has $135.2 million in unspent bond proceeds and dedicated sales tax revenues from authorizations dating back to 1991.

“We have funds that date back 17 years that haven’t been expended, and we have streets that are falling apart before our very eyes,” District 5 Councilor Bill Martinson said at the meeting.

The total includes $133 million of appropriated but unspent funds and $2.3 million of not yet appropriated funds. It includes $55 million of appropriated but unspent proceeds from $250 million of general obligation bonds approved by Tulsa voters in April 2005.

Unspent bond proceeds also include $387,000 from a 1994 authorization and $624,000 from a 1999 authorization.

Unspent sales tax revenues total $79.3 million, of which $77.1 million has been appropriated but not spent.

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