|July 20, 1999||A Laboratory Newspaper at Cleveland State University||Volume 1 Issue 4|
Board of Regents releases funds for higher education
By Becky Muncy
Now that the state's first education budget has been signed into law, the task of distributing the funds must begin. For colleges and universities across Ohio that task is handled by the Ohio Board of Regents.
The education budget funded more than $5 billion for higher education. The funding will be distributed in increments of $2.5 billion for fiscal year 2000 and $2.6 billion for fiscal year 2001. In a phone interview on July 13, Rich Petrick, vice chancellor of finance for the board said, "Revenue is released by the board.. .amounts are described by formulas spelled out in the bill." Petrick added that there are multiple formulae used to distribute the money. The formula used depends on what the money is being distributed for.
Distribution of approximately $1.6 billion is enrollment driven with each of the 62 campuses across the state having different levels.
More than $365 million has been allotted for debt services. An example of debt services would be bond payments for capital facilities on campuses.
The board met at Case Western Reserve University on Friday, July 17, to approve distribution of funds, which released approximately $2.4 billion for distribution. Petrick said the distribution would go to the colleges and universities in monthly installments.
Out of that $2.4 billion, Cleveland State University is slated to receive approximately $69 million.
The Cleveland Stater is a laboratory newspaper put out by students enrolled in classes in the Department of Communication at Cleveland State University.
Editor: Ray Cooney
Campus Editor: Becky Muncy
Design, Graphics and Photography Coordinator: Alex Marculescu
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On-line Editor: Toni Muhammad
Reporters: Rebecca Grauel, Becky Muncy, Alex Marculescu, Iris Figueroa-McGinnis, Maria Floyd, Bridgette Calandra, Shawn Wickens, Ray Cooney, Toni Muhammad
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