Kentucky Council on Postsecondary Education 2024 Progress Report
Gaining momentum towards the 60x30 goal, Kentucky Council on Postsecondary Education celebrates accomplishments in enrollment gains, completions, and addressing critical shortages in higher education. The budget review highlights increases in operating and capital funds for the upcoming biennium, supporting key initiatives for student success and workforce development.
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Kentucky Council on Postsecondary Education Budget Review Subcommittee on Postsecondary Education February 27, 2024
2024 Progress Report Gaining momentum toward our 60x30 goal (degrees and credentials increased by 6.4% when comparing AY24 to AY23) Helping Kentuckians find their future through the launch of Futuriti.org Streamlining the pipeline to the workforce through bridge programs Making higher education more affordable Addressing critical shortages through the healthcare workforce investment fund Climbing in all sectors and student populations for enrollment gains (Kentucky is #2 in enrollment gains) Closing the gap with underrepresented students 2 Kentucky Council on Postsecondary Education
We should celebrate: Our improvement with completions last year is the second highest in the nation. Percentage Point Year-to-Year Improvement in Six-Year Completion Rates, 2023-2024 4 KY, 2.8 UT 3 AZ WV NC 2 SD MS HI SC VA MT GA NJ NE WI MA 1 TX NM FL IN OR OK US DC IA DE MI ME CA WA IL PA NV CO TN AK MO OH WY MD LA 0 AR KS AL MN ID -1 RI VT NY CT -2 ND NH -3 Source: National Student Clearinghouse. 2025. 3 Kentucky Council on Postsecondary Education
2024-2026 Budget of the Commonwealth Operating Funds The enacted 2024-2026 budget (24 RS, HB 6) appropriates $35.8 million each year of the biennium for an inflation adjustment, representing an increase of about 3.6% on each institution s 2023 24 net General Fund base It includes $31.3 million each year to cover planned increases in state Fire and Tornado Insurance Premiums (or 100% of the expected increase) It provides an appropriation of $2,107,500 in 2023-24 and additional appropriations of $1,499,100 each year of the upcoming biennium for KSU s land grant program Finally, HB 6 includes additional appropriations of $7.7 million in 2024-25 and $17.7 million in 2025-26 for the Performance Fund (i.e., bringing the totals in the fund to $105.0 million in the first year and $115.0 million in the second year) 4 Kentucky Council on Postsecondary Education
2024-2026 Budget of the Commonwealth (continued) Capital Investment The enacted 2024-2026 budget (24 RS, HB 6) authorized $742.1 million in General Fund supported bond funds for new capital construction projects HB 6 also includes $723.0 million in bond funds for Asset Preservation (of that amount $563.0 million was allocated to an Asset Preservation Pool Additional capital investments were made through HB 1 (24 RS) which are not reflected in the figures above 5 Kentucky Council on Postsecondary Education
Implementing the Postsecondary Performance Funding Model Statutory Goals: students, and degree completion. credentials earned by all types of students, focusing on low-income and first-generation students. Kentucky s populace by increasing educational attainment. Distribution of Funds Increase the retention and progression of Course Completion 30% Academic Support 10% Increase the number of degrees and Maintenance and Operations 10% Expand the earning potential of Institutional Support 10% Student Success 40% 6 Kentucky Council on Postsecondary Education
Future Budget Considerations for Higher Education Increase base funding for campuses and funding to the postsecondary performance funding model Asset preservation funds for deferred maintenance Relief for mandated tuition waiver programs Continue funding for critical student success initiatives: Futuriti Student Success Collaborative Bridge Programs Continue funding for workforce development programs, such as the Healthcare Workforce and the Aerospace, Aviation, and Defense investment funds 7 Kentucky Council on Postsecondary Education
