2014 Special Session I

Budget Amendments - HB5002 (Floor Approved)

Procurement (language only)

Item 4-10.00 #1h

Item 4-10.00 #1h

Higher Education Funding
Implementing Virginia Higher Education Opportunity Act of 2011

Page 503, delete lines 2 through 55, and insert:
"a.  The following, consistent with the principles of the Higher Education Opportunity Act of 2011, are a guide to providing funding for public colleges and universities:
1. Cost drivers should reflect the goals of increasing access especially for in-state undergraduate students, ensuring that college remains affordable especially for in-state undergraduate students, increasing the number of degrees, certificates and credentials, and improving the quality of higher education including research enhancements.
2. Funds were allocated using the cost drivers identified in the first paragraph of this item, prior commitments of the Commonwealth, the institutions six-year academic and financial plans, the incentive funding model circulated by the college presidents to the 2011 Higher Education Advisory Committee, legislative and institutional priorities including the goal of tuition moderation.
3.  The allocation of funds, especially for tuition moderation, is intended to enhance affordability for all in-state students and serves as a viable alternative to the current financial aid models.  Increased financial aid allocations may become viable under alternative models such as the one proposed in House Bill 573 and will be considered at that time."
Page 504, delete lines 1 through 12.

(This amendment eliminates a proposed new procurement initiative that conflicts with the original restructuring agreements. The amendment also outlines guidelines for the allocation of funds for higher education.)