~From the Governor’s office~
LITTLE ROCK – Governor Asa Hutchinson today signed into law the Higher Education Productivity Funding Formula. The new funding formula will increase accountability by taking into account student success and program completion, whereas the previous formula was largely based on student enrollment.
Governor Asa Hutchinson issued the following statement:
“When I was elected Governor, I made it a goal for my administration to increase the percentage of Arkansans who attain post-secondary degrees from 40% to 60% by 2025. With the legislature’s passing of the new Productivity Funding Formula, we have taken an important step toward achieving that goal.
“This new formula will be based upon student progress rather than student enrollment. This shift in focus will encourage and empower our students to successfully attain their degree, license or certificate in a timely manner. I am thrilled that the legislature has approved this measure and I look forward to continued work with the Department of Higher Education and our state’s colleges and universities to make Arkansas a leader in student success.”
Productivity-based funding is used to align institutional funding with statewide priorities for higher education by encouraging programs and services focused on results. This model encourages accountability to students and policymakers by focusing on the success of students through educational progress and degree attainment.
