State Regents Allocate Funds for Oklahoma Colleges, Universities

At the May 26 meeting, the Oklahoma State Regents for Higher Education allocated state appropriations for the state system of higher education for FY24, including targeted investments in workforce development initiatives in high-demand fields such as engineering, other STEM disciplines and teacher education. State Regents approved $121.4 million in state appropriations, representing a 13.8% increased investment by legislators and the Governor over FY23.

“Public higher education’s FY24 budget directly aligns with priorities outlined in our new strategic plan, Blueprint 2030,” said State Regents’ chair Michael C. Turpen. “The State Regents remain committed to ensuring Oklahoma’s public colleges and universities continue producing the graduates required to meet our state’s workforce needs. We thank our legislators and the Governor for investing in Oklahoma students.”

For public colleges and universities, the next step in the budget process is to formulate their operating budgets for FY24. Following approval by institutional governing boards, the State Regents will consider these proposed operating budgets at the June 29 meeting.

“By 2030, more than half of Oklahoma’s 100 critical occupations - and the top 29 highest paying jobs - will require a college degree,” said Chancellor Allison D. Garrett. “Increasing the number of degree holders in our state is more important than it has ever been. This significant investment in public higher education will empower our state system to continue building Oklahoma’s workforce, driving economic growth, and helping Oklahomans achieve their dreams.”

State Regents also prioritized funding for shared services initiatives, institutional grants to support expansion of student health and wellness services, and financial aid and scholarship programs to incentivize college degree completion.

“Providing funding to strengthen campus-based student access and success programs is an important focus of public higher education’s FY24 budget,” said State Regent Jack Sherry of Holdenville. “Our institutions offer a broad set of services designed to break down barriers to help all students develop the academic skills required to successfully complete college degrees.”

“Serving as good stewards of state resources and keeping college affordable for families are priorities the State Regents take very seriously,” said State Regent Steven W. Taylor of McAlester. “The FY24 state system of higher education budget includes funding to support system-level initiatives in data analytics and scholarship administration that will generate ongoing efficiencies and streamline processes.”