Researcher: JC Page 1 4/3/24
OLR Bill Analysis
HB 5341
AN ACT REQUIRING REPORTING OF PROJECTED AND ACTUAL
REVENUES AND EXPENDITURES AT PUBLIC INSTITUTIONS OF
HIGHER EDUCATION.
SUMMARY
This bill requires the Board of Regents (BOR) to report annually to
the Appropriations and Higher Education and Employment
Advancement committees on the actual revenue and expenditures in the
prior fiscal year and projected revenue and expenditures of the current
fiscal year for the following funds, the: Regional Community-Technical
Colleges Operating Fund (§ 1), Connecticut State University System
Operating Fund (§ 2), and Charter Oak State College Operating Fund (§
3). The bill similarly requires the Board of Trustees of the University of
Connecticut (BOT) to annually report to the same committees on The
University of Connecticut Operating Fund and The University of
Connecticut Health Center Operating Fund (§ 4). Under existing law,
quarterly reports must be submitted to the same committees on the
actual expenditures of these funds within 60 days of the quarter’s
closing.
The reports for the prior fiscal year are due by August 1 (beginning
August 1, 2024), while the reports for the current fiscal year are due by
January 1 (beginning January 1, 2025). All the reports must be itemized
as described below.
The bill also makes several technical and conforming changes,
including correcting obsolete statutes to reflect that the Regional
Community-Technical Colleges Operating Fund supports the Board of
Regents for Higher Education (and the recently consolidated
community colleges), and not the Board of Trustees.
EFFECTIVE DATE: July 1, 2024 2024HB-05341-R000235-BA.DOCX
Researcher: JC Page 2 4/3/24
ITEMIZATION REQUIREM ENTS
Under the bill, BOR and BOT must itemize each report into actual
and projected revenue categories (organized by state support and other
revenue source) and actual and projected expenditures, as shown in the
table below.
Table: Revenue and Expenditure Itemization Requirements
Revenue Expenditures
State Support Other Revenue
Ongoing State Support Tuition Personal Services
Federal funds allocated from
the American Rescue Plan Act
Fees Fringe Benefits
Deficiency Funding Federal Funds, Grants, and
Contracts
Energy
State-Paid Fringe Benefits Foundation and Endowment
Funds
Equipment
Any Other Category of State
Funding
Sales and Services Student Financial Aid
Auxiliary Enterprises Debt Service and Other
Projects
Any Other Category of
Revenue from Other Sources
Any Other Category of
Expenditure
COMMITTEE ACTION
Higher Education and Employment Advancement Committee
Joint Favorable
Yea 22 Nay 0 (03/14/2024)