The Oklahoma State Regents for Higher Education approved today $812.8 million in state appropriations for the state system of higher education for FY 2022. This represents a 5.5% increase over the FY21 budget.
“We thank Gov. Stitt and our Legislature for investing in public higher education,” said State Regents’ chair Ann Holloway. “States with a higher percentage of college degree-holders have higher per capita incomes and stronger, more diversified economies. As Oklahoma continues the economic recovery process in the wake of the coronavirus pandemic, we remain focused on increasing the number of students earning college degrees and certificates, offering a quality higher education opportunity at an affordable cost.”
For state colleges and universities, the next step in the budget process is to formulate their operating budgets for FY 2022. Following approval by institutional governing boards, the State Regents will consider these proposed operating budgets at the June 24 meeting.
“This $42.4 million increased appropriation from Gov. Stitt and the Legislature will enable the State Regents to fund several crucial initiatives, including bond authorization and debt service for the Endowed Chairs program and expansion of engineering, STEM, nursing, and other workforce development programs at our public colleges and universities to address Oklahoma’s business and industry needs,” said Chancellor Glen D. Johnson. “Our higher education system is recognized in the most recent U.S. News & World Report rankings as having the 11th-lowest tuition and fees and 11th-lowest student debt level at graduation in the nation. More than half of our students graduate with no student loan debt. These notable accomplishments demonstrate public higher education’s continued commitment to college access, affordability, and efficiency and college degree completion.”