Okla. Stat. tit. 68, § 68-3017

When the excise board shall have ascertained the total assessed

valuation of the property taxed ad valorem in the county and in each

municipal subdivision thereof, and shall have computed the total of

the several items of appropriation for general fund, sinking fund,

and other legal purposes for the county and each municipal

subdivision thereof, said board shall then proceed to compute the

levy for each fund of each municipality. The procedure for the

computation of such levies shall be as follows:

Oklahoma Statutes - Title 68. Revenue and Taxation Page 1308

First: Determine the total amount of the several items of

appropriation for each fund.

Second: Deduct from such total appropriation the actual cash

fund balance of the immediately preceding fiscal year.

Third: Deduct from the remainder thus ascertained the estimated

probable income from sources other than ad valorem taxation;

however, in no event shall the amount of such estimated income

exceed ninety percent (90%) of the actual collections from such

sources for the previous fiscal year. Provided, that the amount of

such estimated income for a school district may be the amount that

is chargeable as minimum program income of the district for the

purpose of receiving state equalization aid. Also, deduct the

estimated probable revenue to be derived from additional collection

from taxes in the process of collection of the immediately preceding

taxable year; provided that the amount so estimated shall be cash

fund balance as hereinafter defined, and shall include none of that

portion of the reserve added at the beginning of such year for

delinquent tax, and shall not exceed ninety percent (90%) of the

actual collections of additional back taxes legally accrued to and

credited to the same fund account of the immediately preceding

fiscal year.

Fourth: Add to the remainder a reserve for delinquent taxes,

the amount of which reserve shall be determined by the excise board,

except for any municipality which has opted by resolution to come

under the provisions of Section 17-201 et seq. of Title 11 of the

Oklahoma Statutes, in which case the governing body of such

municipality shall determine the needs of the municipality for

sinking fund purposes, after taking into consideration the amount of

uncollected taxes for the previous year or years; provided that the

reserve so added shall not exceed twenty percent (20%) or be less

than five percent (5%); and provided, further, that the reserve so

added shall not be subject to review.

Fifth: Compute the levy necessary to raise an amount of money

equal to the remainder thus ascertained, based upon the total

assessed valuation of the county or subdivision thereof, taking into

consideration any deduction which must be made because of the

exemption of homesteads as required by Section 2406 et seq. of this

Code.

Sixth: Compute the reduction in levy necessary to be made

because of monies being required by law to be used for the purpose

of reducing ad valorem tax levies.

The rates of levy for general fund, sinking fund, and other

purposes authorized by law shall be separately made and stated, and

the revenue accruing therefrom respectively, when collected, shall

be credited to the proper fund accounts.