GOV. HENRY WANTS FUNDING SOURCE FOR EDGE RESEARCH

Gov. Brad Henry, D-Okla., issued the following press release:

Governor Brad Henry is asking the Oklahoma Legislature to create a permanent funding source for one of the state's top job creation tools, the EDGE research endowment. The endowment generates money to help fund cutting-edge research projects across the state of Oklahoma.

"To land the best jobs of the future and keep our young people at home, we have to expand research capabilities, and the EDGE fund is the best tool to accomplish that goal," said Gov. Henry. "If we don't fill the endowment to its capacity, it will cost us jobs and economic opportunities for generations to come."

The endowment was the brainchild of the Economic Development Generating Excellence (EDGE) task force appointed by Gov. Henry in 2004. The panel of public and private sector leaders recommended the establishment of a $1 billion endowment to help boost research projects in Oklahoma. Thus far, only $150 million has been deposited in the fund.

Gov. Henry will propose that surplus gross production taxes on oil be deposited into the EDGE fund each year until it reaches its $1 billion capacity.

Oil revenues now flow into a number of different funds until those accounts reach a $150 million ceiling. Under the governor's plan, any surplus oil revenues that accrue over the $150 million threshold will be deposited directly in EDGE.

"Because energy levies can be a volatile revenue source, it makes sense to steer them toward one-time expenditures. A one-time deposit in the EDGE endowment is a perfect use," said the governor.

Gov. Henry made clear he is open to discussion of other permanent funding sources for EDGE, but he urged legislators not to leave EDGE as an annual funding decision.

"We can't afford another year like last year when no money was deposited in the EDGE endowment. Every year we delay deposits to the fund we miss out on future economic opportunities. We have a great chance to make Oklahoma the research capital of the plains, but we will never attain that goal without a permanent funding source for EDGE," said the governor.

Gov. Henry will formally submit his EDGE proposal to the Legislature when it convenes its annual session on Monday, Feb. 4.