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  • Regents Highlights

Regents Applaud Education-Focused FY23 Budget

June 6, 2022 • Featured

Contact
Meg Casper Sunstrom, Deputy Commissioner for Strategic Communication
meg.sunstrom@laregents.edu • 225-978-6686
 
“This year’s budget for higher education is one for the record books. We are so grateful to the Governor and the Legislature for providing the best state reinvestment in higher education to date and for their support of important policy priorities designed to improve affordability, universal transfer, teacher recruitment and retention, and dual enrollment. We celebrate the investments in financial aid that will make college more affordable for our students and in significant repair and construction funding, which will allow our campuses not only to maintain and upgrade existing assets but also to create spaces that support evolving educational needs. Investing in education is critical because it’s an investment in our people and a more prosperous Louisiana. This cradle-to-career budget expands opportunities. It prioritizes talent development and we thank everyone who worked tirelessly to make it a reality.”
 
Dr. Kim Hunter Reed
Commissioner of Higher Education

Key FY23 Budget Stats

 
Overall Budget
  • $159.2M – Largest state funding increase for higher education ever ($84.9M State General Fund increase and $74.3M Statutorily Dedicated Funds increase)
  • This is a 12% increase in higher education funding from FY2022
Faculty Pay
  • $31.7M – Largest state-funded faculty pay increase since FY2007
  • Two-year phase-in of $51.6M designed to increase faculty pay to the SREB average
  •  Only back-to-back faculty pay increases since FY2007 and FY2008 ($61M)
 
Need-Based Aid
  • $15M – Largest GO Grant increase since the program began in FY2008 with $17M in initial funding
  • This represents a 37% program increase since FY2022
TOPS
  • $330M total investment keeping this merit-based aid program fully funded
Key FY23 Capital Outlay Stats
  • $312.8M – Largest capital outlay allocation to higher education, made up of Priority 1, Priority 2, and Cash funding
  • $137.4M or 77% increase from FY2022
  • 87 Projects – Most projects contained in the Capital Outlay program since FY2008
  • $50M – Largest deferred maintenance allocation since FY2008

Highlights (Recurring and Non-Recurring)

 
Retaining Talent Developers – Getting Faculty Pay to the Southern Average ($31.7M)
  • Following last year’s first statewide faculty pay raise in 13 years, this investment is an important next step toward retaining and recruiting outstanding faculty. The investment is designed to increase salaries to the Southern Regional Education Board (SREB) average, a goal last reached in Louisiana in FY2008.
Focusing on Affordability – Historic GO Grant Increase ($15M), M.J. Foster Scholars Initial Funding ($10.5M)
  • This year’s budget provides the largest budget infusion for GO Grant (need-based aid) since the program’s inception in 2008 and fully funds the state’s new adult financial aid program, M.J. Foster Scholars, while also fully supporting TOPS.
  • The GO Grant program launched in FY2008 with a $17M investment. It received a $9M boost in FY2009 and over subsequent years grew by a total of $3.4M. FY2023’s significant increase, coupled with last year’s $11M investment, will almost double the program’s funding, from $29M in FY2021 to the FY2023 amount of $55.5M. Even prior to the pandemic, LOSFA estimated that less than half of GO Grant-eligible students received the award due to insufficient funding.
  • In addition, the Budget includes $10.5M to fully support the state’s M.J. Foster Scholars Program for Adult Learners. This new financial aid program, legislatively created last year, will launch in July, providing support to adult applicants pursuing education and training in select high-demand and high-wage fields in Louisiana through community colleges or proprietary schools.
  • These two increased investments, along with the continued full funding of TOPS, prioritize improved affordability for students in Louisiana. 
 
Increasing Performance Funding To Drive Educational Attainment ($15M)
  • A $15M increase in performance funding is designed to continue incentivizing Louisiana’s two- and four-year public postsecondary institutions to improve student outcomes, retaining and graduating more students in support of the state’s attainment goal. That goal calls on Louisiana to more than double the number of credentials annually awarded in our state by 2030.
Investing in Priority Initiatives ($112.5M)
  • The FY2023 Budget provides new strategic investments to educate students in safe learning environments, support our institutions, and increase the education-to-employment pipeline to get more people back to work and into better, more meaningful careers.
  • Title IX/Power-Based Violence Training/Compliance Support ($5M)
  • Continuing Budget Stabilization – Mandated Cost Increases ($18M)
  • Additional funding to expand nursing and allied health workforces across the state ($29.2M)
  • Increased funding for Louisiana’s Specialized Institutions (Medical Schools, Pennington, LSU and SU Ag Centers, and Southern University Law Center) ($23.6M)
  • Reboot Your Career Initiative/Broadband Workforce Training at Louisiana’s Community and Technical Colleges to directly support workforce development and statewide broadband expansion ($20M)
  • Institution-specific initiatives (cybersecurity at LSU A&M and LSU Shreveport, online program expansion at Southern University at New Orleans, academic and security studies at LA Tech and Grambling, and STEM programs) ($11.7M)  
  • Innovation and accreditation needs to reach Master Plan goals ($5M)

Quotable Quotes

 
Governor John Bel Edwards
“The budget invests in early and higher education, including pay raises,” said Governor Edwards. “I believe this is the best budget for higher education in at least a generation, if not in our state’s history.”
 
Speaker of the House Clay Schexnayder
“Being a graduate in technical education, I see how beneficial certificates and credentials can be to the people of our state and their overall prosperity,” said Speaker of the House Clay Schexnayder. “Making sure college students are ready for the workforce and become good citizens in our state is worthy of this historic reinvestment. I receive so much feedback in my district about the Foster Promise scholarships for adult students because it helps them afford hands-on programs that are extremely popular and get people into high-demand, high-paying jobs that can change their lives. Our higher education leaders are taking charge, headfirst, and getting it done in tremendous ways. Today marks a huge step for the State of Louisiana.”
 
Senate President Page Cortez
“Supporting adult education, finding workforce solutions, and changing the lives and futures of our people is what higher education does for our state and it is the reason the Senate supports this year’s historic investment in our colleges and universities,” said Senate President Page Cortez. “Earning a degree or credential of value gives graduates a new lease on life and an opportunity to prosper in Louisiana and I’m proud of the progress our postsecondary education leaders have made in meeting the needs of both individuals and industry. Keep up the good work!” 
 
Lt. Governor Billy Nungesser
“Education is the key to Louisiana’s future, and it will always be a top priority for me. Education improves our quality of life, and it attracts jobs to the state. My office was proud to contribute state dollars for higher education’s faculty pay increases and reward educators who always find a way to adapt and support students, especially in challenging times,” said Lieutenant Governor Billy Nungesser.

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Contact Meg Casper Sunstrom, Deputy Commissioner for Strategic Communication meg.sunstrom@laregents.edu • 225-978-6686 BATON ROUGE, La. – As required by law, the Board…

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February 17, 2023

Contact Dr. Chris Yandle, Assistant Commissioner for Public Affairs chris.yandle@laregents.edu • 985-373-5845   Melissa Maranto, Communications Director melissa.maranto@laregents.edu • 985-516-5121…

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    Featured Posts

    • Regents Adopts Preliminary Funding Formula Focused on Improved Outcomes for Higher Education
      March 22, 2023
    • Louisiana Higher Education Budget Increases Again Reach Historic Mark
      February 17, 2023
    • Regents Swears In Two New Members to Six-Year Terms
      January 9, 2023
    • Regents Visits Delgado CC, Adopts FY 2023-24 Budget Priorities
      October 19, 2022
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