Gov. Bill Ritter today released his proposed higher-education budget for fiscal 2008-09, which starts July 1. The proposal would increase overall state funding for Colorado
The Governor's budget includes an increase of $48.6 million to support the state's universities, colleges and community colleges. These funds reach the schools in the form of both tuition stipends through the College Opportunity Fund and "fee for service" agreements between the schools and the Colorado Commission on Higher Education (CCHE).
The budget also: adds $7.3 million for need-based financial aid; restores cuts that were made in previous years to work-study funding by adding $1.7 million; and allocates an additional $800,000 for pre-collegiate programs and scholarships. This represents an increase of more than 10 percent for financial aid, and the increase to need-based financial aid will benefit more than 4,000 students.
The CCHE is scheduled to review the budget proposal at 10 a.m. Thursday at Mesa State College in Grand Junction
"The economic health of the state is directly tied to our post-secondary education system." Gov. Ritter said. "A major part of the equation is affordability. By restoring funding levels to the work study program, increasing financial aid, and providing additional funding for scholarships, we are creating opportunities and keeping college as affordable and accessible as possible to all Coloradans. At the same time, we continue to dig higher education out of the financial hole it fell into during the recession."
The FY08-09 proposal follows Gov. Ritter's FY07-08 higher-ed funding plan, which provided an additional $52.1 million in state support, a 7.5 percent increase over FY06-07.
"The Governor's budget clearly demonstrates the value he places on higher education," said Department of Higher Education Executive Director David Skaggs. "Our competitive edge in a global, 21st century economy depends on a vibrant post-secondary education system. With this budget proposal, the Governor is stretching every dollar available to higher-ed as far as it will go."
The Governor's entire executive branch budget proposal for FY08-09 will be submitted to the legislature's Joint Budget Committee on Thursday. Gov. Ritter is scheduled to appear before the JBC on Nov. 8.
