University of Louisville would get $21 million in new state fund - WDRB 41 Louisville News

University of Louisville would get $21 million in new state funds under budget proposal

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LOUISVILLE, Ky. (WDRB) --  The University of Louisville would be in line for an additional $21 million in operating funds from the state over the next two fiscal years if the Kentucky General Assembly adopts the Kentucky Council on Postsecondary Education’s funding proposal for state universities and community colleges.

With Kentucky’s finances continuing to improve from the Great Recession, the CPE recommends lawmakers restore roughly half the higher education funding that has been cut since the economic downturn.

The state’s universities and community colleges currently receive $173.5 million less in state funds annually than they did before the recession, despite serving 7 percent more students, according to the CPE.

The CPE’s proposal, supported by the state’s college presidents, would restore $86.7 million of that funding by 2017-18, the second year of the state’s upcoming two-year budget.

University of Louisville President James Ramsey has previously said that the upcoming legislative session, which starts in January, represents the best chance to restore higher education funding since the recession.

U of L gets about $140 million a year in state funding. The CPE’s proposal would give U of L an additional $7 million in fiscal 2017, which starts July 1, 2016, and an additional $14.1 million the following year:

The additional money would not be guaranteed, but subject to universities and colleges meeting goals “such as increases in retention, degrees and credentials produced, graduation rates and closing achievement gaps,” according to the CPE.

The office of Republican Gov.-elect Matt Bevin, who will deliver a proposed budget to the legislature in January, said in a statement that education funding "should, in some measure, be based upon performance--not politics."

"In the coming weeks, as Governor-Elect Bevin and his team work to prepare an executive budget, these issues will be thoroughly discussed, and the recommendations by the (CPE) will certainly be taken into consideration," Bevin's office said.

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