Arkansas Gov. Asa Hutchinson on Monday afternoon proposed a $10 million increase in higher education funding, contingent on passage of a new incentive-based formula in the state Legislature next year.
Hutchinson said during a news conference at the state Capitol in Little Rock that the plan would mark the first across-the-board increase in such funding since 1996.
“This is one of my highest priorities for the next legislative session,” he said.
Flanked by education leaders from Arkansas’ two-year and four-year colleges, the Republican governor expressed his support for the formula, which would award funding based on the attainment of accountability, success and efficiency rather than enrollment numbers.
“The current funding formula for higher education is outdated. It is not really being followed at all in terms of the adaptation of funds for our state,” he said.
The change in funding would occur in fiscal year 2019 instead of fiscal year 2018, a move that Hutchinson said will allow higher education institutions the necessary time to know the formula.
Higher education funding in fiscal year 2018 would remain flat, Hutchinson said.
Check back with Arkansas Online for updates and read Tuesday’s Arkansas Democrat-Gazette for full details.