[Cobo] FW: State Board of Equalization Meeting - February 16, 2021

[Mauck, Sheri]

From: Johnson, Dr. Glen
Sent: Tuesday, February 16, 2021 12:49 PM
Subject: State Board of Equalization Meeting - February 16, 2021

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  State Regents
Presidents
Higher Education Network
From:             Chancellor Glen D. Johnson
Date:               Tuesday, February 16, 2021
Subject:          State Board of Equalization Meeting - February 16, 2021


This morning the State Board of Equalization met at the State Capitol in Oklahoma City to certify the funds available for appropriation in FY2022.

The total certified monies and cash available for FY2022 is $9.64 billion, which represents $1.807 billion (23.1%) more than what was appropriated by the Legislature for the current fiscal year (FY2021).  This total certified amount includes $1.69 billion in one-time cash carryover and non-recurring revenue from the FY2021 fiscal year that could be appropriated for one-time expenditures in FY2022 given that these funds will unlikely be available in FY2023.  Recurring revenue for FY2022 is projected to be $7.9 billion, which represents an increase of $552.4 million from the amount projected by the Board of Equalization in December 2020.

The Board of Equalization unanimously voted to approve the certification of funds for FY2022.  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.  Two members were not present at today's meeting.

Additionally, during today's meeting, the Board of Equalization reported that actual FY2021 revenue is estimated to be $414.4 million (4.6%) more than what was projected at the December 2020 Board of Equalization meeting. The revised FY2021 revenue estimate exceeds the 5% constitutional cushion reserved in case of a revenue shortfall, indicating that an FY2021 revenue failure is not expected at this time.

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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