[Cobo] FW: State Board of Equalization Meeting - February 22, 2022

[Mauck, Sheri]

From: Garrett, Allison
Sent: Tuesday, February 22, 2022 3:00 PM
Subject: State Board of Equalization Meeting - February 22, 2022

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  State Regents
                        Presidents
Higher Education Network
From:             Chancellor Allison D. Garrett
Date:               Tuesday, February 22, 2022
Subject:          State Board of Equalization Meeting - February 22, 2022


This morning the State Board of Equalization met at the State Capitol in Oklahoma City to certify the funds available for appropriation in FY2023.

The total certified monies and cash available for FY2023 expenditure authority is $10.491 billion, which represents $1.427 billion (15.7%) more than what was authorized for appropriation expenditures by the Legislature for the current fiscal year (FY2022).  This total certified amount includes $7.742 billion in general revenue, of which $7.354 billion (95%) could be appropriated by the legislature in FY2023.  Total recurring revenue for FY2023 is projected to be $9.249 billion, which represents an increase of $164.8 million from the amount projected by the Board of Equalization in December 2021.

The Board of Equalization unanimously voted to approve the certification of funds for FY2023.  Voting in favor of the motion were Governor Kevin Stitt, Lieutenant Governor Matt Pinnell, Attorney General John O'Connor, State Treasurer Randy McDaniel, State Superintendent Joy Hofmeister, Secretary Blayne Arthur and State Auditor and Inspector Cindy Byrd.

Additionally, during today's meeting, the Board of Equalization reported that actual FY2022 revenue is estimated to be $386.3 million (4.0%) more than what was projected at the December 2021 Board of Equalization meeting. The revised FY2022 revenue estimate exceeds the 5% constitutional cushion reserved in case of a revenue shortfall, indicating that an FY2022 revenue failure is not expected.

Please let me know if you have any questions.

Thanks.

Allison

Allison D. Garrett
Chancellor
Oklahoma State Regents for Higher Education
655 Research Parkway, Suite 200
Oklahoma City, Oklahoma 73104
405.225.9122
agarrett at osrhe.edu<mailto:agarrett at osrhe.edu>
follow us on Twitter @okhighered


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