New president: University of Oklahoma for $1 BILLION in debt

OKLAHOMA CITY – The University of Oklahoma’s new president, says the school is losing $36 million per year if costs remain higher than revenues.

The Oklahoman reports that Jim Gallogly, a meeting with the university Board of Regents in Oklahoma City on Tuesday. He is the university 14th president July 1.

Gallogly says the total debt is almost $1 billion on the Norman campus, and the debt service costs are almost $70 million per year.

The regents approve the university’s annual budget and tuition rates for the coming academic year each year in May. Regents approved $2.12 billion budget for fiscal 2019, with the understanding Gallogly will rework.

The incoming president says that the focus will be on efficiency and “putting money in the right places,” including the faculty increases. He says that the university will not increase tuition.


Information from: The Oklahoman,

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