Title 17. Education

Chapter 24. Board of Regents

Part I. General Provisions

17:3138.2      Competitive Core Growth Fund

A. There is hereby established as a special fund in the state treasury the Competitive Core Growth Fund, hereafter referred to as “the fund”. Subject to appropriation of monies into the fund by the legislature, the state treasurer is directed to deposit into the fund at the beginning of each fiscal year an amount equal to at least fifteen and one quarter percent of the amount of monies deposited into the Workforce and Innovation for a Stronger Economy Fund. Monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on investment of monies in the fund shall be credited to the fund. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

B. Monies in the fund shall be appropriated to the Board of Regents to be allocated to postsecondary education institutions in order to better align each institution with the minimum postsecondary education funding formula implementation rate. Monies in the fund shall be used to calculate a minimum implementation rate of the postsecondary education funding formula. The Board of Regents shall annually establish an allocation of the monies in the fund based on a comparison of the postsecondary education funding formula appropriation of each institution in the current fiscal year with the projected postsecondary education funding formula cost for that institution in the next fiscal year. Monies in the fund shall be allocated to the institutions with the lowest implementation rates to bring the institutions closer to the minimum implementation rate.

Added by Acts 2014, No. 646, § 2, eff. June 12, 2014.