[Cobo] FW: Oil Gross Production Update – Final FY16 Revenue Reduction

[Mauck, Sheri]

Please see important information sent to your Presidents yesterday afternoon.
From: "Johnson, Dr. Glen" <gjohnson at osrhe.edu<mailto:gjohnson at osrhe.edu>>
Date: June 9, 2016 at 3:07:21 PM CDT
To: Presidents <pres at osrhe.edu<mailto:pres at osrhe.edu>
Subject: Oil Gross Production Update – Final FY16 Revenue Reduction
OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  Presidents
                        Adam Leaming, University Center at Ponca City
                        Dr. Steve Mills, University Center of Southern Oklahoma
                        Dr. Terry Mosley, Quartz Mountain
Cc:                  State Regents
From:             Chancellor Glen D. Johnson
Date:               Thursday, June 09, 2016
Subject:          Oil Gross Production Update – Final FY16 Revenue Reduction


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.

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.

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.

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

Thanks.

Glen

Glen D. Johnson
Chancellor
Oklahoma State Regents for Higher Education
655 Research Parkway, Suite 200
Oklahoma City, Oklahoma 73104
405.225.9122
gjohnson at osrhe.edu<mailto:gjohnson at osrhe.edu>

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