The Illinois Board of Higher Education this week proposed a fiscal year 2021 budget that includes $193.8 million in new dollars — a 9.5 percent increase in funding.
Officials say the new dollars would go to student support through the Monetary Award Program and AIM HIGH, as well as for college and university operations.
According to an IBHE news release, the proposed budget totals $2.242 billion, which includes $142.2 million for the State University Retirement System, $466.7 million for capital renewal, and $516.7 million for regular capital.
IBHE Interim Executive Director Nyle Robinson praised state legislators for passing a budget that increases education spending.
“Last year we began the reversal of years of reduced funding for higher education, and our goal is to continue that momentum as we work towards an equitable funding formula for higher education over the next year,” he said.
In the budget request are $68.3 million in additional funding for state universities and $15.8 million for community colleges and adult education. The board is also focused on funding the Higher Education Cooperation Act program with $20 million.
The new or increased grant lines include:
- Monetary Award Program (MAP) — $50 million
- AIM HIGH — $10 million
- Veterans and National Guard — $23 million
- State Data Capacity Expansion — $1 million
IBHE is asking for funding for additional staff to focus on consumer protection, community outreach, workforce development and strategic planning for the next decade.
Detailed budget information can be found at www.ibhe.org.
SOURCE: IBHE news release