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OK SB532
OK SB532Higher education; creating the Workforce Development Revolving Fund; providing for award of funds. Effective date. Emergency.
summary
Introduced
02/06/2023
02/06/2023
In Committee
02/07/2023
02/07/2023
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to higher education; creating the Workforce Development Revolving Fund; specifying source of fund; providing for expenditures; providing purpose of fund; directing appropriation to fund for certain fiscal year; directing the Oklahoma State Regents for Higher Education to award funds to certain institutions; defining term; providing method for distribution of funds beginning in certain academic year; directing certain biennial calculation; providing for codification; providing an effective date; and declaring an emergency.
AI Summary
This bill creates the Workforce Development Revolving Fund, which is a continuing fund managed by the Oklahoma State Regents for Higher Education. The fund will receive $50 million in appropriations for the fiscal year beginning July 1, 2023. The Regents will award funds from this revolving fund to state higher education institutions that increase the number of degrees granted in critical occupation areas such as nursing, engineering, and teaching. The institutions will receive $10,000 for each additional degree granted in these areas compared to the previous three-year average. The bill also provides for the recalculation of this three-year average every two years starting in the 2025-2026 academic year. The bill takes effect on July 1, 2023 and declares an emergency.
Committee Categories
Education
Sponsors (1)
Last Action
Second Reading referred to Education Committee then to Appropriations Committee (on 02/07/2023)
Bill Topics
Education
- ‐ Higher Education
Labor and Employment
- ‐ Employment Training and Workforce Development
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb532&Session=2400 | 12/05/2023 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb532&Session=2300 | 01/17/2023 |
| Fiscal Note/Analysis - Senate: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB532%20INT%20BILLSUM.PDF | 01/23/2023 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/SB/SB532%20INT.PDF | 01/17/2023 |
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