SANTA FE – The New Mexico Department of Higher Education (NMHED) has announced that it will convene a task force this month to assess the state’s higher education funding formula.
This funding formula determines the annual funding recommendations for state appropriations to the operating budgets of state public colleges and universities.
The formula was established in 2016 and replaced the old input-based formula with an outcome-based formula that funds higher education institutions based on results. While small adjustments have been made to the formula since 2016, the current effort represents the first in-depth review of the formula since its inception.
“Our agency is working diligently to answer questions that have been raised regarding New Mexico’s higher education funding formula,” Higher Education Secretary Stephanie Rodriguez said. “I look forward to working with my colleagues to identify data-driven solutions that put students first and allocate resources in a fair and sustainable manner. ”
The outcome-based formula takes into account several factors including the student’s graduation and certificate, the number of degrees and certificates awarded in science, engineering, math, technology, and healthcare (STEM-H ), the total number of student credit hours at the end of the course, the number of diplomas and certificates awarded to students from populations at risk, and other factors specific to the mission of each higher education sector, such as progress towards graduation and service to dual credit students.
The task force will meet this month and will be facilitated by the State Higher Education Executive Officers Association (SHEEO), a national organization that works with higher education leaders in all 50 states, the District of Columbia and Puerto Rico. .
“I applaud New Mexico for taking this proactive step to review its higher education funding formula. Careful consideration of how to best use these state resources will meet the needs of both the state and New Mexicans as more students graduate and meet today’s workforce needs. work and those who will thrive in a growing economy made possible by more graduates, ”said Robert Anderson, director of SHEEO. noted.
Other members include leaders from the New Mexico University Council of Presidents, the New Mexico Association of Independent Community Colleges, the New Mexico Association of Community Colleges, the Secretary of the Department of Finance and of Administration and the Director of the Legislative Finance Committee.
The New Mexico Department of Higher Education and leaders will develop a report on the funding formula. Meetings will take place virtually and will be recorded for the public to view. Comments will be collected from stakeholders throughout the process.
For more information on New Mexico’s higher education funding formula, visit www.hed.state.nm.us/resources-for-schools/institutional-finance/nmhed-funding-recommendation.