Update: The bill has cleared the state Senate and how heads to the House.
The much-discussed “performance-based funding” legislation for Kentucky’s colleges and universities is headed to the full state Senate. The Appropriations and Revenue Committee offered its backing Tuesday.
The plan, with agreement from university presidents, moves toward awarding schools for increasing the number of degrees earned and graduates. Bill Sponsor Senator David Givens believes the change in funding will result in costs savings.
“You’re going to want drive degree attainment at your institution and the case of KCTCS credential attainment in the most efficient way possible," Givens said. "I think this speaks volumes about us rewarding efficiency in postsecondary education.”
Givens said, if successful in reaching the national standard of degree attainment, the funding plan would mean almost a half billion dollars in additional state revenue through increased income and consumption taxes, plus profitability of corporations and businesses.