OK SB68

Appropriates funds to the Oklahoma State Regents for Higher Education from the General Revenue Fund for fiscal year ending June 30, 2010, for education and general operation budgets of institutions.

Establishes that appropriated funds (excluding capital outlay) may be budgeted for FY-10 or FY-11, with FY-10 funds encumbered only through June 30, 2010 and expended by November 15, 2010.

Requires unused FY-10 funds not budgeted for FY-11 to lapse to the proper fund after November 15, 2010; FY-11 funds must lapse by November 15, 2011.

Prohibits funds from being budgeted in both FY-10 and FY-11 simultaneously and requires budget work program revisions approved by the Office of State Finance to move unspent FY-10 funds to FY-11.

Bill becomes effective September 1, 2009.