Universities to compete for funding

Graphic Courtesy: MGN Online

FRANKFORT, Ky. (AP) – Kentucky’s public universities would be competing against each other for more than basketball and football victories under legislation headed to Gov. Matt Bevin. They’ll be vying for state funding.

The House gave final approval Tuesday to Senate Bill 153 that would create a performance-based formula for distributing state funds to the state’s public universities.

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The overhaul in financing higher education would be phased in under the measure. Supporters say the goal is to improve student retention and graduation rates.

The formula would base 35 percent of funding on student success, including the awarding of bachelor’s degrees and the number of science, technology, engineering and math degrees awarded. Another 35 percent would be based on course completion, and 30 percent would hinge on operational needs on campuses.