Henry seeks investment in research, technology

BYLINE: Michael McNutt, Capitol Bureau

Gov. Brad Henry is asking legislators to set aside nearly $90 million for research and economic development.

"Our state's economy is strong, and now is the time to invest in programs that will lay a foundation for prosperity and reap benefits for years to come," Henry said Thursday. "By investing in research and technology, we will grow the high-skill, high-paying jobs of the future."

The governor is suggesting it come from an expected $276.9 million in new money for the 2008 fiscal year that starts July 1 and from a projected $200 million in surplus funds at the end of this fiscal year.

The legislative session starts Feb. 5. House Speaker Lance Cargill, R-Harrah, took a wait-and-see attitude on the governor's idea.

"Building a knowledge-based economy, with vibrant research and entrepreneurship, is critical to our state's future success," Cargill said. "So we look forward to learning more about the governor's proposals."

Henry is proposing:

$50 million of surplus revenue for the Economic Development Generating Excellence Fund. That would bring the total endowment to $200 million.

$24 million in funding for the Oklahoma Center for the Advancement of Science and Technology, a $2 million increase.

$15 million of surplus funds for the Opportunity Fund, and grant the fund bonding authority for up to $200 million. The Opportunity Fund, created last year, provides readily available funds to lure new companies to Oklahoma.

Expenditures are approved by the governor, speaker of the House and the president pro-tempore of the Senate.

Henry said the state must continue to add money to the EDGE fund. A task force a couple years ago recommended a $1 billion endowment for the fund.

OCAST is charged with providing grants and capital investment in new technology and research ventures. According to agency figures, every dollar the state invests in OCAST yields a return of more than $17.

Legislators, at the governor's prodding, approved the Opportunity Fund and allocated $45 million to the fund. About half the money, or $20 million, went to a Chinese-owned automobile company planning to build sports cars in Ardmore.

"As we approach our state's centennial, it is important that we consider not only the next year, but the next 100 years," Henry said. "I am asking legislators to look beyond the present moment and consider the Oklahoma we want to leave our children and grandchildren."