Funding formula approved for community colleges

State aid to community colleges will be appropriated using a new funding formula passed by the Legislature Feb. 7.

LB946, introduced by York Sen. Greg Adams, establishes a formula for appropriating funds to the state’s community colleges.

The initial amount of appropriated state aid – up to $87.8 million – will be allocated based on the proportionate share of aid received by each community college for fiscal year 2012-13.

Funds in excess of the $87.8 million – up to $500,000 – will be appropriated to the Nebraska Community College Student Performance and Occupational Education Grant Fund. The six schools can apply for any portion of that money. An appointed committee will determine how that money is to be allocated.

Any funds remaining after the first two allocations have been made will be distributed as follows:
• 25 percent divided equally among the six community colleges;
• 45 percent based on each school’s average full-time enrollment numbers; and
• 30 percent based on each college’s average reimbursable educational units.

Beginning in FY2013-14, community colleges also will be granted aggregate levy authority of 11.25 cents per $100 of taxable valuation.

LB946 passed 46-0.