The Idaho Senate Education Committee has sent to the full chamber a plan to create an Higher Education Stabilization Fund to help colleges and universities weather tough economic times.
Inspired by the state’s public schools rainy day fund, the bill would redirect interest on revenue from tuition and fees at Idaho’s colleges and universities to a new account within a broader higher education stabilization fund. That would include about $114,000 now available.
The Legislature also would be able to appropriate money to the fund in the future, when there is a surplus of revenue, and it would disburse money from the fund to the institutions – including community colleges – through the State Board of Education.
The University of Idaho would not participate in the program because it historically invests and manages its own interest account.
The measure has already passed the House, and has been endorsed by Gov. Butch Otter.
