[Cobo] FW: State Board of Equalization Meeting

[Mauck, Sheri]

Please find the memo below that was sent to Presidents last week regarding the notice of the Board of Equalization's action in relation to state appropriations for FY15.  If you have questions, please let us know. Your allocated funds will not be amended due to this action.

From: Paliotta, Amanda
Sent: Tuesday, July 01, 2014 9:07 AM
To: Mauck, Sheri
Subject: FW: State Board of Equalization Meeting

Please forward to Business Officers.  Thank you.

From: Johnson, Dr. Glen
Sent: Thursday, June 26, 2014 6:15 PM
To: Presidents
Subject: State Board of Equalization Meeting

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  Presidents
Cc:                  State Regents
From:             Chancellor Glen D. Johnson
Date:               Thursday, June 26, 2014
Subject:          State Board of Equalization Meeting



At today's State Board of Equalization meeting, an action was taken in response to the recent Attorney General Opinion declaring that Section 144 in Senate Bill 2127 (general appropriations bill) regarding the decrease in dedicated funds to Oklahoma's Promise trust fund was unconstitutional. This action caused an over-appropriation to be declared in the General Revenue Fund by a total of $6,792,528. This amount equates to a 0.12% reduction for the 66 agencies that received appropriations from the FY15 General Revenue Fund.



The Oklahoma State Regents for Higher Education's (OSRHE) share of the budget reduction is approximately $1 million. To address this reduction, we wanted to advise you that that the amount of the budget reduction associated with the over-appropriation will be absorbed by applying funds currently budgeted to offset debt service increases in FY16 through FY18.  The use of these budgeted funds will ensure that no higher education institutions, constituent agencies, programs or scholarship funds are negatively impacted by this budget reduction announced this afternoon at the State Board of Equalization meeting.



If you have any questions, please contact Amanda Paliotta at apaliotta at osrhe.edu<mailto:apaliotta at osrhe.edu> or (405) 225-9126.



Thank you.


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