FRANKFORT, Ky. (AP) - Kentucky's public colleges and universities would have to compete with each other for shrinking state tax dollars under a bill that has cleared the state Senate.
Senate Bill 153 would divide up more than $1 billion in state tax dollars to public colleges and universities based on a new formula, which would reward institutions for awarding more degrees in science, technology, engineering and math. Other criteria include the number of degrees awarded to low-income and minority students, total enrollment and campus size.
The formula would only apply to 5 percent of state funding next year. But after that, all state funding would be awarded based on the new formula. The bill would phase in spending cuts over the next four years.
The bill now heads to the state House of Representatives.