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Higher Ed Facing Further Budget Cuts in Many States
With the latest National Conference of State Legislatures survey revealing 45 states are dealing with falling revenue projections and 37 already report budget gaps in next year's revenue forecasts (see http://www.ssti.org/Digest/2002/021502.htm), the number of states proposing or considering cuts to higher education for FY 2003 continues to grow.
Nearly half of the states — Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Utah, Vermont, Washington, Wisconsin — already have cut current year appropriations to universities and colleges or recommended cuts for next year.
To maintain or create momentum in academic research and tech-based economic development, a few governors are proposing the state borrow money (through bond issuance) to pay for selected non-capital programs like Kentucky's Bucks for Brains initiative, which historically has been financed through $230 million in surplus revenues, and Ohio's proposed $500 million bond for endowed chairs, faculty recruitment and commercialization efforts.