<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=Windows-1252">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:#954F72;
text-decoration:underline;}
p.msonormal0, li.msonormal0, div.msonormal0
{mso-style-name:msonormal;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
span.EmailStyle18
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.EmailStyle19
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="#0563C1" vlink="#954F72">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> Garrett, Allison
<br>
<b>Sent:</b> Monday, December 27, 2021 3:26 PM<br>
<b>Subject:</b> Update on Board of Equalization Meeting – FY23 General Revenue Estimate and FY23 Oklahoma’s Promise Funding Request<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" align="center" style="text-align:center">OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION<o:p></o:p></p>
<p class="MsoNormal" align="center" style="text-align:center"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div style="border:solid windowtext 1.5pt;padding:1.0pt 1.0pt 1.0pt 1.0pt">
<p class="MsoNormal" align="center" style="margin-right:355.5pt;text-align:center;background:#CCCCCC">
<b><span style="font-size:36.0pt;letter-spacing:-3.0pt">Memo</span></b><o:p></o:p></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height:150%"><b>To: <a name="to1">
</a>State Regents<o:p></o:p></b></p>
<p class="MsoNormal" style="line-height:150%"><b> Presidents<o:p></o:p></b></p>
<p class="MsoNormal" style="line-height:150%"><b> Higher Education Network<o:p></o:p></b></p>
<p class="MsoNormal" style="line-height:150%"><b>From: </b> <a name="from">
</a>Chancellor Allison D. Garrett<o:p></o:p></p>
<p class="MsoNormal" style="line-height:150%"><b>Date: </b> <a name="date">
</a>Monday, December 27, 2021<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in;line-height:150%">
<b>Subject:</b> <a name="re"></a>Update on Board of Equalization Meeting – FY23 General Revenue Estimate and FY23 Oklahoma’s Promise Funding Request<o:p></o:p></p>
<div style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 1.0pt 0in">
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><a name="body"></a>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.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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).<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Please let me know if you have any questions.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thanks.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Allison<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b>Allison D. Garrett<o:p></o:p></b></p>
<p class="MsoNormal">Chancellor<o:p></o:p></p>
<p class="MsoNormal">Oklahoma State Regents for Higher Education<o:p></o:p></p>
<p class="MsoNormal">655 Research Parkway, Suite 200<o:p></o:p></p>
<p class="MsoNormal">Oklahoma City, Oklahoma 73104<o:p></o:p></p>
<p class="MsoNormal">405.225.9122<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:agarrett@osrhe.edu">agarrett@osrhe.edu</a><o:p></o:p></p>
<p class="MsoNormal"><i>follow us on Twitter</i> <a href="twitter.com/osrhechancellor?s=11">
@OSRHEchancellor<span style="text-decoration:none"> </span></a>AND <a href="twitter.com/okhighered?s=11">@okhighered</a><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><img border="0" width="124" height="59" style="width:1.2916in;height:.6166in" id="_x0000_i1025" src="cid:image001.jpg@01D7FB36.04C27EA0"></span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif">
</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><img border="0" width="143" height="41" style="width:1.4916in;height:.425in" id="_x0000_i1026" src="cid:image002.png@01D7FB36.04C27EA0"></span><span style="font-size:10.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
</body>
</html>