The Kentucky Senate passed SB 153 on Wednesday bringing the state closer to adopting a new funding model for the states’ public postsecondary institutions.
The bill is a result of action in the 2016 legislative session that created a working group of university presidents, representatives of the governor and legislative leaders to develop a performance-based funding model for the state’s four-year universities as well as the Kentucky Community & Technical College system.
The group crafted the recommendations found in SB 153. Three important components of the bill include allocating 35% of the postsecondary institutions’ funding based on degree production and progression toward a degree or a credential. Another 35% would be based on the number of credit hours awarded at each campus. Finally, 30% would be allocated to finance campus services and operations.
During the phase-in stage, 5% of funding would be allocated according to the model. The intent is to eventually allocate 100% of state postsecondary funding based on the performance-based approach.
The bill now moves to the Kentucky House.
For more state government news go to the Kentucky Chamber of Commerce’s The Bottom Line blog.