About Oklahoma's Promise

Funding Updates – 2005-06

Updated 3/31/2006

March 21, 2006

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.

May 31, 2005

Last Friday, May 27, the Oklahoma State Regents for Higher Education allocated $27.1 million for the Oklahoma's Promise scholarships in 2005-06. The amount allocated for 2005-06 is an increase of $8 million, or nearly 42 percent, above the 2004-05 level of $19.1 million. An estimated 12,000 students are expected to receive the Oklahoma's Promise scholarship in 2005-06, up from about 9,000 in 2004-05. The $27.1 million comes from four different funding sources — $10.2 million (37 percent) from available oil tax revenues; $7.2 million (27 percent) from casino gaming revenues; $5.7 million (21 percent) from the state’s General Revenue Fund; and $4 million (15 percent) from lottery revenue.

2009-10 Oklahoma's Promise Funding Update
2008-09 Oklahoma's Promise Funding Update
2007-08 Oklahoma's Promise Funding Update
2006-07 Oklahoma's Promise Funding Update
2004-05 Oklahoma Higher Learning Access Program Funding Update
2003-04 Oklahoma Higher Learning Access Program Funding Update