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<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Please see important information sent to your Presidents yesterday afternoon.
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<p class="MsoNormal" style="margin-bottom:12.0pt"><b>From:</b> "Johnson, Dr. Glen" <<a href="mailto:gjohnson@osrhe.edu">gjohnson@osrhe.edu</a>><br>
<b>Date:</b> June 9, 2016 at 3:07:21 PM CDT<br>
<b>To:</b> Presidents <<a href="mailto:pres@osrhe.edu">pres@osrhe.edu</a><br>
<b>Subject:</b> <b>Oil Gross Production Update – Final FY16 Revenue Reduction</b><o:p></o:p></p>
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<p class="MsoNormal" align="center" style="text-align:center">OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION<o:p></o:p></p>
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<b><span style="font-size:36.0pt;letter-spacing:-3.0pt">Memo</span></b><o:p></o:p></p>
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<p class="MsoNormal"><b>To: <a name="to1"></a>Presidents</b><o:p></o:p></p>
<p class="MsoNormal"><b> Adam Leaming, University Center at Ponca City</b><o:p></o:p></p>
<p class="MsoNormal"><b> Dr. Steve Mills, University Center of Southern Oklahoma</b><o:p></o:p></p>
<p class="MsoNormal" style="line-height:150%"><b> Dr. Terry Mosley, Quartz Mountain</b><o:p></o:p></p>
<p class="MsoNormal" style="line-height:150%"><b>Cc: State Regents</b><o:p></o:p></p>
<p class="MsoNormal" style="line-height:150%"><b>From: </b> <a name="from">
</a>Chancellor Glen D. Johnson<o:p></o:p></p>
<p class="MsoNormal" style="line-height:150%"><b>Date: </b> <a name="datea">
</a>Thursday, June 09, 2016<o:p></o:p></p>
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<b>Subject:</b> <a name="re"></a>Oil Gross Production Update – Final FY16 Revenue Reduction<o:p></o:p></p>
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<p class="MsoNormal"><a name="body"></a>Following up on the discussions at our Council of Presidents meeting last week, the Oklahoma Tax Commission has advised us of the need for a $4.4 million final FY16 revenue adjustment based on the decline of oil gross
production revenue collections for April and May.<o:p></o:p></p>
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<p class="MsoNormal">In light of this notification from the Oklahoma Tax Commission, the $4.4 million reduction that will be assessed in the June allocations to all colleges, universities, constituent agencies, State Regents’ agency operations, and special
programs ensures that the state system of higher education will maintain allotments equal to the total revenue available for FY16 while preserving the ability to remit all remaining debt service payments due in FY16.
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<p class="MsoNormal">Attached please find the final adjusted allocation figures for all colleges, universities, constituent agencies, State Regents’ agency operations, and special program. The revised allocations will be presented to the State Regents for ratification
at their regularly scheduled meeting on Thursday, June 30.<o:p></o:p></p>
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<p class="MsoNormal">If you have any questions, please contact Amanda Paliotta at
<a href="mailto:apaliotta@osrhe.edu">apaliotta@osrhe.edu</a> or (405) 225-9126.<o:p></o:p></p>
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Thanks.<o:p></o:p></p>
<p class="MsoNormal"><br>
Glen<o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">Glen D. Johnson</span></b><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">Chancellor</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">Oklahoma State Regents for Higher Education</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">655 Research Parkway, Suite 200</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">Oklahoma City, Oklahoma 73104</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">405.225.9122 </span><o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:gjohnson@osrhe.edu">gjohnson@osrhe.edu</a><span style="color:black">
</span><o:p></o:p></p>
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