SB 1963 Summary

• Appropriates funds to the Oklahoma State Regents for Higher Education from the General Revenue Fund for fiscal year ending June 30, 2013, for education, general operations, construction, renovations, and repairs at higher education institutions.

• Allows appropriated funds (excluding capital outlay) to be budgeted for either fiscal year 2013 or 2014, but not both simultaneously.

• Requires funds budgeted for FY-13 to be encumbered by June 30, 2013, and fully expended by November 15, 2013; similar requirements apply for FY-14 funds with an expiration date of November 15, 2014.

• Permits unexpended FY-13 funds to be rebudgeted for FY-14 after submission and approval of a budget work program revision by the Office of State Finance.

• Becomes effective September 1, 2012.