Legislative Update: JBC Balances Budget, Sets Higher Ed Funding
Statewide higher education funding
• $66.6 million increase in higher education operating budgets in FY 2015-16
• With the $66.6 million, each CU campus will receive a 10 percent increase in FY2015-16 and CU Anschutz Medical Campus will receive an 11 percent increase, plus an additional $250,000 for Alzheimer’s Research.
• The 10 percent increase was proposed in the funding formula by the Colorado Commission on Higher Education (CCHE). It had the unanimous support of all Colorado higher education institutions.
• The JBC also increased need based financial aid by $15.2 million and the Colorado Opportunity Scholarship Initiative program by $5.0 million.
What are the funding increases to CU for next year
• $6.3 million for CU-Boulder
• $2.0 million for UCCS
• $2.6 million for CU Denver
• $6.3 million for CU Anschutz Medical Campus
• $250,000 for the Alzheimer’s Disease Center at CU Anschutz Medical Campus, School of Medicine
• $3.0 to $3.3 million for need-based financial aid at all CU campuses