[Cobo] FW: Revenue Failure Update

[Mauck, Sheri]

From: Paliotta, Amanda
Sent: Thursday, March 03, 2016 1:30 PM
To: Mauck, Sheri
Subject: FW: Revenue Failure Update
Importance: High

Please forward to Business Officers.

From: Johnson, Dr. Glen
Sent: Thursday, March 03, 2016 12:50 PM
To: Presidents
Subject: Revenue Failure Update
Importance: High

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  Presidents
Cc:                  State Regents
From:             Chancellor Glen D. Johnson
Date:               Thursday, March 03, 2016
Subject:          Revenue Failure Update


In an effort to keep you updated regarding the FY16 revenue failure, we have just received a memo this morning from Secretary of Finance, Administration and Information Technology Preston Doerflinger indicating that beginning with March 2016 allocations, FY16 General Revenue allocations to agencies must be further reduced by four percent.

This four percent reduction is made in addition to the three percent General Revenue allocation reductions that began in January 2016, resulting in a total General Revenue allocation reduction of seven percent for FY16. It is also in addition to the $26 million reduction due to declines in oil gross production revenue announced on February 12, 2016, bringing the total appropriation reduction for FY16 to 8.6 percent.

The additional four percent reduction equates to a $32.1 million reduction to our state system of higher education. We will be sending you the amount your individual institution will be impacted as soon as it has been finalized.

Once you receive notification of your reduced allotment, please submit a budget revision incorporating the reduced allotments of state appropriations to Vice Chancellor Amanda Paliotta (apaliotta at osrhe.edu<mailto:apaliotta at osrhe.edu>) and enter the reduction on the Office of Management and Enterprise Services Hyperion Budgeting System by the close of business on Friday, March 11, 2016, as requested by Secretary Doerflinger. The State Regents will be asked to ratify the reduced allotments at their meeting on Thursday, April 21, 2016.

Thank you.

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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