The bill mandates that if tuition or fees are raised post-appropriation, the higher education department must adjust the institution's budget downwards by the anticipated revenue from these increases. This procedure ensures that institutions remain accountable for their budget proposals and operate within the financial framework approved by the legislature. However, the bill allows for waivers on the budget reductions under specific exigent circumstances like significant decreases in student enrollment or health emergencies, thus considering the institutions' unique challenges.
Summary
Senate Bill 494 addresses funding for higher education in New Mexico by enforcing a reduction in instruction and general purposes funding for colleges and universities that increase tuition or general fees after the legislature has passed the general appropriation act. This bill aims to create accountability among higher education institutions regarding budget management and tuition setting, preventing unexpected increases in costs that would lead to greater financial burdens on students and families, especially during challenging economic circumstances.
Contention
Notably, there are points of contention surrounding the bill related to the autonomy of higher education institutions. Critics argue that the bill undermines the ability of colleges and universities to make responsive financial decisions to immediate challenges. Supporters contend that the measure is necessary to maintain financial discipline and protect students from sudden tuition hikes. This debate reflects broader concerns about state control over higher education institutions and their capacity to respond to changing economic and enrollment conditions.
Makes various changes to school funding and budgeting laws; eliminates use of census-based funding for special education aid; establishes reimbursement program for school district fuel costs.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.