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May 27, 2022 - State Regents Allocate Funds for Oklahoma Colleges, Universities With Incentives for Critical Workforce Graduates

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The Oklahoma State Regents for Higher Education allocated state appropriations for Oklahoma’s state system of higher education for Fiscal Year 2023 today, including targeted investments in workforce development initiatives in critical high-demand fields, such as STEM and teacher education. State Regents approved $873.4 million in state appropriations, representing a 7.5% increased investment by legislators and the Governor over FY 2022.

"We are focused on ensuring Oklahoma’s higher education system is producing graduates in critical occupations to not only meet our state’s workforce needs, but to give Oklahomans the greatest advantage possible to have economic security for themselves and their families," said State Regents’ chairman Jeff Hickman. "States with a higher percentage of college degree-holders have higher per capita incomes and stronger, more diversified economies, and we are pleased that legislators and the Governor recognize this and have entrusted us with resources to accelerate opportunities for Oklahoma’s future."

For public colleges and universities, the next step in the budget process is to formulate their operating budgets for FY 2023. Following approval by institutional governing boards, the State Regents will consider these proposed operating budgets at the June 23 meeting.

"Of Oklahoma’s 100 critical occupations, 66 will require a college degree by 2028," said Chancellor Allison D. Garrett. "As demand for a college educated workforce continues to grow, this significant investment in public higher education will enable our state system to build Oklahoma’s workforce and drive economic growth."

State Regents also prioritized funding for innovations in institutional shared services, online education and scholarships to incentivize college degree completion.