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Okla. Regents Want 5.5 Percent Funding Increase (Nov 10, 2010)

OKLAHOMA CITY (AP) — Oklahoma higher education regents want a 5.5 increase in state funding for the next fiscal year.

Regents voted Wednesday to ask for $1.12 billion from the Legislature. That would be $115.6 million more than the current fiscal year's funding.

Incoming House Speaker Kris Steele has said early indications are that Oklahoma will face another massive budget shortfall during fiscal year that begins July 1, 2011.

The regents want almost $60 million more to replace federal stimulus money that won't be available and almost $31 million more for campus operations.

They're also proposing a series of bond issues during the next five years in an effort to fund a $267 million backlog in the state's endowed chairs program.

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