§ 6-61-223 - Funding formula -- Arkansas Higher Education Coordinating Board.
6-61-223. Funding formula -- Arkansas Higher Education Coordinating Board.
(a) The Arkansas Higher Education Coordinating Board will work with the state college and university Presidents Council to review, revise, and develop funding formulas which will, in principle, seek to provide fair and equitable state support to all postsecondary students across the state, regardless of the state institution attended, while at the same time recognizing:
(1) The different needs for lower level, upper level, and graduate level instruction at the various institutions;
(2) The requirements for specialized equipment, labs, and smaller class sizes in some disciplines; and
(3) Unique missions such as agricultural extension services, research, medical sciences, workforce development, and public service; and
(4) Growth, economies of scale, and other appropriate factors.
(b) The formulas will be developed in consensus with the state college and university President's Council and presented to the Joint Budget Committee for review.