West Virginia House Bill HB2624

West Virginia 2022 Regular Session

• Introduced: 1/12/22
• Refer: 1/12/22

Caption

Redirecting a percentage of any surplus to state institutions of higher education to restore their state allocation funding levels

Summary

House Bill 2624 aims to address the funding of state institutions of higher education by redirecting a portion of the state's budget surplus. Specifically, the bill proposes to allocate up to $10 million each year from surplus revenues to restore the funding levels of state colleges and universities to what they were in the 2013 fiscal year, adjusted for inflation and increased costs. This legislative initiative is designed to ensure these institutions receive necessary financial support and are not disadvantaged due to past budget cuts. The bill also specifies that once the funding for all eligible institutions is restored, no further allocations for this purpose would be drawn from the Revenue Shortfall Reserve Fund. The approach underscores the importance of maintaining a stable funding environment for higher education in West Virginia, recognizing the critical role these institutions play in workforce development and economic prosperity. General sentiment towards HB 2624 appears to be supportive among proponents of education who view it as a necessary measure to uphold the state’s commitment to higher education. Advocates argue that restoring funding is essential for improving educational outcomes and ensuring access to education for all West Virginians. Conversely, some skeptics may question the feasibility of consistently achieving budget surplus levels needed to sustain the proposed allocations without jeopardizing other state fiscal responsibilities. Notable points of contention may arise around prioritization: whether funding for higher education should come at the potential expense of other critical state services or programs. Discussions may also reflect concerns about fiscal prudence and the long-term implications of relying on surplus revenues for institutional funding. Balancing this initiative with other budgetary demands poses a significant challenge for legislators and may influence future debates about state funding priorities.