A framework for a new formula to fund Nevada’s colleges was met with optimism by the state Board of Regents on Friday.
The current formula, which funds the seven public universities and colleges in Nevada, has long been broken, said Dan Klaich, chancellor of the Nevada System of Higher Education.
“There is a pervasive perception in some parts of the state that think the formula is skewed to benefit some institutions over others,” he said. “The perception is widespread, deeply held and impossible to shake.”
Currently, student tuition and fees are collected from each institution and pooled into the state’s general fund, a practice that is frowned upon by critics who believe student money should stay on campus. The Legislature uses a complex budget formula — factoring in enrollment figures, course offerings, whether the college is urban or rural, and maintenance of buildings — to appropriate funds for each institution.