This bill amends Section 34.53 of the Oklahoma State Finance Act, specifically concerning the Oklahoma State System of Higher Education. It allows the Oklahoma State Regents for Higher Education to reduce allocations to institutions within the system to fulfill annual obligations, including payments for leases and other authorized expenses. The bill emphasizes that the Regents will manage the allotment system similarly to other state agencies, with specific provisions for the classification of accounts and the process for requesting and approving appropriations.

Additionally, the bill outlines the procedures for institutions to request appropriation allotments, ensuring that these requests align with uniform budget classifications. It mandates that the Regents consider the financial needs of institutions and the sufficiency of estimated revenues when approving allotments. The bill also includes provisions for managing potential revenue shortfalls, requiring the Regents to take action to control allotment requests in response to any necessary reductions in appropriations. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 62-34.53