Sen. Joe Stegner
The Idaho Senate has given final legislative approval to the creation of a rainy day fund for colleges, similar to the reserve account set aside several years ago for the K-12 public school system.
The bill, co-sponsored by Lewiston Republican Sen. Joe Stegner, would create the Higher Education Stabilization Fund, comprised of three accounts to better equip state universities and community colleges to handle state funding losses in the future.
One of the fund’s three accounts would capture about $114,000 in yearly interest from student tuition and fee revenues. The University of Idaho would not participate in that account because it typically invests the interest earned off its student fees and tuition on its own.
Lawmakers would fill the other two accounts when the economy turns around and there is surplus, with one arm to benefit state universities and the other to help community colleges.
The measure passed the Senate unanimously on Thursday. It’s already passed the House and is now on its way to the governor’s desk. (AP)
