Higher Education Advisory Committee; higher education funding.
Requires the Higher Education Advisory Committee (Advisory Committee) to (i) develop a methodology by which to rate the performance of each public institution of higher education and (ii) review and make recommendations for changes to existing funding methodology and targeted financial incentives. The bill requires the Advisory Committee to consult
with national and state policy experts and institutional innovators in other states and consider trends in the implementation of various performance-based funding models, accounting for institutional differences. The Advisory Committee's recommendations shall be designed to achieve increased degree and credential attainment within high-demand fields, reduction of average time-to-degree, improved affordability for Virginia students and families, reduction of debt of former students and graduates, and improved graduate employment outcomes. The bill requires that such recommendations be designed to result in a funding methodology and targeted financial incentives that allocate at least 80 percent of state appropriations for public higher education according to a set of certain performance metrics. Such recommendations are required to be submitted to the General Assembly and the Governor no later than the first day of the regular session of the General Assembly in 2021.