Last night, the General Assembly passed a one-year budget to respond to Kentucky’s uncertain economic future in light of COVID-19. I extend my appreciation to the General Assembly for their swift work, and wish them good health as they return to their families and communities.
This budget keeps higher education funding at its current level with no additional cuts. I am pleased that comprehensive universities were granted relief from rising pension obligations, which remain at 49% for fiscal year 2021. This move will provide regional universities with much-needed flexibility to fund critical operations while preserving current staffing levels.
Funding for need-based aid will continue at its current level, which is critical to preserve college affordability for the neediest among us.
In an ideal world, higher education would have received a funding increase, the first since the Great Recession. This is not an ideal world. At some point, additional investment will be needed to ensure our colleges and universities can continue to provide the education, training, research and community outreach that improves the lives and livelihoods of all Kentuckians.
In the aftermath of this virus, our higher education institutions will become even more important for Kentuckians seeking greater economic security through postsecondary education and training. Kentucky’s colleges and universities are committed to improving the education, health and welfare of this great state, in times of stability and in crisis.
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The Council on Postsecondary Education is leading efforts to get more Kentuckians more highly educated. By 2030, at least 60 percent of working-age adults in Kentucky will need to have earned a postsecondary education degree or credential to meet expected workforce demands.