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Committee reviews 25-session funding formula changes; pharmacy weight reduced, equalization and "hold harmless" explained
Summary
System office staff briefed the committee on changes made in the most recent legislative session to the higher-education funding formula, including adjusted credit weighting, an equalization step that raised base rates to the highest in each group, a 4% base-rate increase, and the House’s adjustment reducing the pharmacy weight to 14 and applying hold-harmless after weighting changes.
Chairman Sorvaugh convened the committee and asked members to treat the session’s presentations as part of an ongoing bill-writing process; he said he and Alex will begin drafting bill language after the next meeting and urged members to “pay attention because what's said today could be in there.”
Alex (system office presenter) gave the committee a step-by-step review of the higher-education funding formula, describing how completed student credit hours are weighted by program cluster and then adjusted by a credit-completion factor. He said the initial calculation for the 25 legislative session suggested an increase of “over $60,000,000” compared with the prior biennium but noted the 23–25 biennium base figures did not include approximately $17.5 million of targeted equity and employer-retirement allocations that had been outside the formula, which understates the…
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