- The State University System Board of Governors (BOG) has approved a funding plan of $645 million for the 2023-24 fiscal year to enhance university performance based on metrics.
- The top-performing universities, including the University of Florida, Florida State University, and the University of South Florida, will receive 100 percent of their state investment allocation if they maintain or improve their scores.
- The BOG also postponed discussions on increasing tuition costs for out-of-state students, citing a need for further examination on the subject matter.
- A request to grant each university’s Board of Trustees the authority to determine tuition models based on individual markets and strategic plans has also been postponed.
The State University System Board of Governors (BOG) on Thursday approved a funding plan that allocates $645 million in performance-related funds for the 2023-24 fiscal year.
Universities will reinvest the money into initiatives designed to enhance their performance on the metrics in the Board’s performance-based funding model, which includes $350 million in state investments, plus $295 million in institutional investments.
Under this model, the three top-performing universities — the University of Florida, Florida State University, and the University of South Florida — receive 100 percent of their state investment allocation, meaning they will receive the full amount of money they are eligible for based on their performance.
Universities that maintain the same or higher scores as the previous year also receive 100 percent of their state investment allocation. However, if a university’s score decreases for two consecutive years, it has the opportunity to receive up to 100 percent of its allocation by presenting a student success plan to the BOG. This plan must be accepted by the Board, and if ratified, the university can receive up to 50 percent of its allocation in August.
The remaining balance of their allocation is granted if the university meets the goals outlined in the student success plan within six months after the presentation.
For universities scoring below 70 points, they are required to present a student success plan to the Board, and if accepted, can receive up to half of their allocation in August. To receive the remaining balance of half of their allocation, these universities must meet the goals specified in the student success plan within six months.
However, if they fail to make satisfactory progress, 50 percent of the state’s investment will not be restored. Instead, any remaining state investment funds will be distributed to the top three scoring institutions based on their total number of points.
Moreover, under the direction of Budget and Finance Committee Chair Eric Silagy, the BOG halted plans on Thursday to discuss an increase in tuition costs for out-of-state students. In a letter to BOG Chair Brian Lamb, the Presidents of all 12 member schools cite rising enrollment demands and market conditions as the rationale behind the request, which would see tuition costs spike by as much as 15 percent for out-of-state students.
“Upon further examination, it was determined there would need to be some additional work and time spent on this before we bring it up as a committee item,” said Silagy.
A secondary request that was also postponed sought that each university’s Board of Trustees be granted the authority to determine proprietary tuition models based on their individual markets, competitive environments, and strategic plans.
Different universities within the State University System charge varying amounts for the out-of-state fee per credit hour. The last fee increase occurred in 2012, though only two universities raised their fees, with some universities not increasing out-of-state fees since 2004.
For undergraduate students, the University of South Florida (USF) has the lowest out-of-state fee per credit hour at $346.50, while the University of Florida has the highest at $707.21. USF also has the lowest fee for graduate students at $424.52, while Florida Gulf Coast University has the highest at $883.13.
The average out-of-state fee per credit hour across all universities is $491.90 for undergraduates and $628.17 for graduates.