State treasurer John Kennedy spoke to the Daily Advertiser editorial board Monday about a way to boost funding for higher education.
Kennedy suggested that bill HB 73 (formally HB 327) be reintroduced and passed, which directs every agency in the state government to reduce spending on consulting contracts by 10 percent. This would save $528 million annually that would be dedicated specifically to higher education, Kennedy said to the board.
Referring to the 67 percent reduction over the years to higher education funding, Kennedy said, “We’re doing damage that’s going to take a long, long time to repair.”
In 2008 the state spent $1.6 billion from the general fund on higher education; this year the spending is $525 million.