[Cobo] FW: Update on State Board of Equalization Meeting – February 18, 2020

[Mauck, Sheri]

For your information.

From: Johnson, Dr. Glen
Sent: Tuesday, February 18, 2020 12:59 PM
To: Presidents <pres at osrhe.edu>
Subject: Update on State Board of Equalization Meeting – February 18, 2020

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  Presidents
From:             Chancellor Glen D. Johnson
Date:               Tuesday, February 18, 2020
Subject:          Update on State Board of Equalization Meeting – February 18, 2020


This morning the State Board of Equalization met at the State Capitol in Oklahoma City to certify the funds available for appropriation in FY2021.

The total certified monies and cash available for FY2021 is $8.2 billion and represents $85.5 million (1.0%) less that was appropriated in FY2020.  Caution was emphasized to the Legislature that this total certified amount includes $310 million in one-time cash carryover from the FY2019 fiscal year that should be appropriated for one-time expenditures for FY2021, as these funds will unlikely be available in FY2022.

The Board of Equalization unanimously voted to approve the certification of funds for FY2021.  Voting in favor of the motion were Governor Kevin Stitt, Lieutenant Governor Matt Pinnell, Attorney General Mike Hunter, State Treasurer Randy McDaniel, State Superintendent Joy Hofmeister, State Auditor & Inspector Cindy Byrd, and Oklahoma Commissioner of Agriculture Blayne Arthur.

Additionally, the Board of Equalization reported that actual FY2020 revenue is estimated to be $319.6 million (4.6%) less than the FY2020 certification. This estimate remains within the 5% constitutional cushion and does not currently indicate that a FY2020 revenue failure is expected.

Please let me know if you have any questions.

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>
follow us on Twitter @okhighered

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