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OCAST Remains A Stand Alone Entity
The Oklahoma Center for Advancement of Science and Technology (OCAST) will remain a stand-alone entity after a proposal by Gov. Brad Henry to consolidate the agency within the Department of Commerce failed to win legislative approval. OCAST provides funding and resources to help businesses develop and commercialize technologies. The agency is slated to receive $19.15 million in FY11, a 6 percent reduction from the previous year.
In a separate bill, the Oklahoma Seed Capital Fund, which provides seed and start-up stage equity financing to small, technology-based Oklahoma companies, would receive $4.3 million from the OCAST appropriation. The fund is managed by i2E under contract to OCAST.
The Oklahoma Space Industry Development Authority is slated to receive $424,289 in FY11, down from $493,215 approved for the authority last year.
A proposal floated by Gov. Henry to create a permanent funding source for the Oklahoma Economic Development Generating Excellence (EDGE) initiative was not included in legislation this session.
The FY11 budget approved by the legislature fills a $1.2 billion shortfall through agency cuts, reserve and stimulus funds, and cost recovery methods such as expedited tax collections and a moratorium on tax credits, according to the governor's office. Under the agreement, $6.7 billion in general revenue is appropriated to state agencies and programs, a 7.6 percent reduction from the FY10 budget. Gov. Henry is expected to take action on the bills June 12.
Appropriation bills SB 1561 and SB 1425 are available at: http://www.lsb.state.ok.us/