The Oklahoma State Regents for Higher Education approved today $1 billion in state appropriations for the state system of higher education for FY10, contingent on final approval by Gov. Brad Henry of Senate Bill 216. The appropriation, combined with $68.8 million from the federal American Recovery and Reinvestment Act – Fiscal Stabilization Fund Program will result in a 3 percent increase over last year’s budget. The new funding includes $25.5 million to help institutions cover increases in mandatory operational costs and a $5.8 million allocation to pay for increases in the Oklahoma Teachers’ Retirement System contribution.
“We are extremely appreciative of the support for higher education shown by Gov. Brad Henry, the Oklahoma State Senate and House of Representatives,” said Chancellor Glen D. Johnson. “It is very clear from their efforts that they have made higher education a top priority. Their positive action has reinforced the belief that there is no quicker way for us to ensure Oklahoma’s economic future than to invest in our public colleges and universities.”
In addition to the state appropriation, Oklahoma’s Promise (Oklahoma’s Higher Learning Access Program) received $54 million from a dedicated funding source. This brings higher education’s FY10 state funding to a total of approximately $1.06 billion.
For state colleges and universities, the next step is to formulate campus operating budgets for presentation to the State Regents at their regularly scheduled June 25 meeting.