CHARLESTON, W.Va. (AP) – West Virginia officials are putting the final touches on a plan that aims to end the state’s piecemeal approach to funding growth and upkeep at its public colleges and universities.
“We need to move-away from this one-time funding,” Dennis Taylor, vice chancellor for administration at the Higher Education Policy Commission, told lawmakers last week.
The draft report he presented calls on the Legislature to take the lead role in finding the money to renovate or construct new buildings for higher education’s academic programs.
This role would require lawmakers to earmark a specific funding source, likely regular lottery revenue.
Besides staying stable over time, such changes in funding could allow officials to cut the capital fees that students now pay to cover bond payments.
The proposal would also have the Legislature guarantee annual funding for specific bond sales. It cites the scheduled 2010 payoff of bonds sold in 1997 for education, science and other projects. The payoff will free up $10 million from the lottery for annual payments toward a new bond issue once that bond is retired.
