Today, Gov. Brad Henry approved the $5.5 million supplemental appropriation for the Oklahoma's Promise program. The funds will be sufficient to pay for all remaining awards for the spring 2007 semester. The funds are expected to be distributed to institutions for payment of student awards within the next two weeks.
Yesterday, legislative leaders at the State Capitol announced a budget agreement that includes $5.5 million in supplemental funding requested for Oklahoma's Promise scholarships. Legislation to enact the agreement must now be approved by the Oklahoma Senate, House of Representatives and the governor.
On March 6, 2007, the Oklahoma State Regents for Higher Education informed higher education institutions that there is a shortfall in funding for the Oklahoma's Promise - Oklahoma Higher Learning Access Program for the spring 2007 semester. As a result, any further payments of claims for spring semester scholarship awards have been temporarily suspended until sufficient funding is received to pay all pending claims. A request for supplemental funding has been submitted to state government leaders. The State Regents expect all scholarship obligations to students to be met for the spring semester, though the exact timing of the funding has yet to be determined. This has no effect on middle school or high school students enrolled in the program.
On Friday, June 23, 2006, the Oklahoma State Regents for Higher Education allocated $37.1 million for the Oklahoma's Promise scholarships in 2006-07. The $37.1 million is an increase of $10 million above the 2005-06 level of $27.1 million and is sufficient to pay all projected scholarship expenses in 2006-07. An estimated 15,000 students are expected to receive the Oklahoma's Promise scholarship in 2006-07, up from about 12,000 in 2005-06. The $37.1 million comes from four different funding sources — $16.7 million (45 percent) from lottery revenue; $10.3 million (28 percent) from the state’s General Revenue Fund; $5.1 million (14 percent) from available oil tax revenues; and $4.9 million (13 percent) from casino gaming revenues. Read the news release issued by the State Regents' office on June 23, 2006, regarding the allocation of funds. external link, opens in new window
On Thursday, March 16, 2006, Gov. Brad Henry signed Senate Bill 1267, which provides a $4.6 million supplemental appropriation to the Oklahoma's Promise scholarship program for the 2005-06 year. The $4.6 million replaces funds due to a shortfall in expected casino gaming revenues dedicated to Oklahoma's Promise scholarships. Of the $27.1 million allocated to Oklahoma's Promise for 2005-06, $7.2 million was budgeted to come from gaming revenues that are dedicated to the program as a result of the approval by state voters of a ballot question in November 2004. However, updated budget projections in December 2005 indicated that this source would actually produce only $2.6 million for 2005-06 rather than $7.2 million. The $4.6 million supplemental appropriation ensures that all Oklahoma's Promise college students will receive their full scholarships in 2005-06. The Oklahoma State Regents for Higher Education requested the supplemental appropriation in January. Read the news release issued by the State Regents’ office on Jan. 12, 2006, regarding the supplemental appropriation. external link, opens in new window
The Oklahoma State Regents for Higher Education formally requested state funding of $37.1 million for the Oklahoma's Promise scholarship in fiscal year 2006-07. The request is an increase of $10 million from the $27.1 million allocated for 2005-06. The number of students receiving the Oklahoma's Promise scholarship is projected to increase from about 12,000 in 2005-06 to 15,000 in 2006-07. The request for additional funds will be considered by the Oklahoma Legislature during their 2006 session that runs from February to May.
2009-10 Oklahoma's Promise Funding Update
2008-09 Oklahoma's Promise Funding Update
2007-08 Oklahoma's Promise Funding Update
2005-06 Oklahoma's Promise Funding Update
2004-05 Oklahoma Higher Learning Access Program Funding Update
2003-04 Oklahoma Higher Learning Access Program Funding Update