[Cobo] FW: Update on Board of Equalization Meeting – FY23 General Revenue Estimate and FY23 Oklahoma’s Promise Funding Request

[Mauck, Sheri]

From: Garrett, Allison
Sent: Monday, December 27, 2021 3:26 PM
Subject: Update on Board of Equalization Meeting – FY23 General Revenue Estimate and FY23 Oklahoma’s Promise Funding Request

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  State Regents
                        Presidents
                        Higher Education Network
From:             Chancellor Allison D. Garrett
Date:               Monday, December 27, 2021
Subject:          Update on Board of Equalization Meeting – FY23 General Revenue Estimate and FY23 Oklahoma’s Promise Funding Request


The state Board of Equalization met today to provide the first estimates of anticipated funding available for FY23 appropriations and to take action on the FY23 Oklahoma’s Promise scholarship funding request.

During the meeting, the Board of Equalization considered the State Regents’ FY23 funding request for the Oklahoma’s Promise scholarship program in the amount of $64.8 million, with the recommendation for $6.0 million to be funded from the Oklahoma’s Promise Trust Fund reserves and $58.8 million to be allocated from the state General Revenue Fund.

We discussed the FY23 Oklahoma’s Promise funding request with Board of Equalization members prior to their meeting this afternoon. During our meetings with Board of Equalization members, we let them know that just over 100,000 students have earned the Oklahoma’s Promise scholarship since the program’s inception in 1992 and that our state system of higher education greatly appreciates their support on behalf of Oklahoma’s students and families.

At the conclusion of the FY23 Oklahoma’s Promise funding request presentation during this afternoon’s meeting, the Board of Equalization unanimously voted to approve our FY23 funding request for the Oklahoma’s Promise scholarship program. Voting in favor of the request were Governor Kevin Stitt, Lieutenant Governor Matt Pinnell, State Treasurer Randy McDaniel, State Superintendent Joy Hofmeister, and State Auditor & Inspector Cindy Byrd.  Two members were not present for today’s meeting (Attorney General John O’Connor and Secretary of Agriculture Blayne Arthur).

Additionally, the Board of Equalization approved an FY23 General Revenue estimate from all certified and authorized funds in the amount of $9.54 billion, which represents an increase of $808.2 million (9.3%) over the current $8.7 billion appropriated for FY22.

The strong outlook for additional funds available to the Legislature for appropriation during the upcoming legislative session underscores the importance of advocating for our FY23 system-wide funding request for higher education over the next few months.

Please let me know if you have any questions.

Thanks.

Allison

Allison D. Garrett
Chancellor
Oklahoma State Regents for Higher Education
655 Research Parkway, Suite 200
Oklahoma City, Oklahoma 73104
405.225.9122
agarrett at osrhe.edu<mailto:agarrett at osrhe.edu>
follow us on Twitter @OSRHEchancellor <twitter.com/osrhechancellor?s=11> AND  @okhighered<twitter.com/okhighered?s=11>


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