The following are the Higher Education highlights of Governor Spitzer's proposed Executive Budget for 2008-09:

Endowment Fund

• The Executive Budget proposes a Higher Education Endowment Fund which is to serve as a permanent funding source for New York's colleges and universities.
• The Endowment Fund will be financed by leveraging funds from the New York State Lottery and ensures that promised levels of support for school aid will still be delivered.
• The investment earnings of the Endowment Fund are to provide funding to Public and Private Colleges and Universities for purposes including but not limited to employment of additional full-time faculty members, student financial aid to improve access, and grants for research and development.

SUNY - Senior Colleges

• For the SUNY senior colleges, the Executive Budget proposes a gross operating budget of $3.41 billion, representing an increase of $42 million or 1.2 percent. This overall spending level reflects a cut of 2.5 percent, $34 million, which the Board of Trustees is to assess. General Fund support will total nearly $2.4 billion, an increase of $42 million or 1.8 percent.
• An Article VII bill is proposed to enhance SUNY's flexibility in procurement and construction to facilitate the cost savings of $34 million.
• There is no proposed increase in tuition.
• The Executive Budget includes $4.3 billion of new appropriations in 2008-09 to support the first year of a $6.5 billion five year capital investment program.
• The Budget contains $1 million of additional funding to expand SUNY nursing programs.
• Educational Opportunity Programs are reduced by $624,000 to $19.8 million.

SUNY - Hospitals

• The Executive Budget proposes that the State general fund subsidy for the SUNY hospitals be increased by $7.8 million to a total of $154.1 million.

SUNY - Community Colleges

• Community college formula aid is to be reduced from the current year amount of $2675 per FTE to $2625 per FTE, a reduction of $50 per FTE.
• Rental aid is increased from $8.7 million to $9.1 million.

CUNY - Senior Colleges

• For the CUNY senior colleges, the Executive Budget proposes a gross operating budget of $1.7 billion for 2008-09, an increase of $52.6 million, or 3.2 percent. This overall spending level reflects a cut of 2.5 percent or $16.7 million to be assessed by the Board of Trustees. General fund support will total $1.042 billion, an increase of $35.9 million, or 3.6 percent.
• An Article VII bill is proposed to enhance CUNY's flexibility in procurement and administration to facilitate the cost savings of $16.7 million.
• There is no proposed tuition increase in the Executive Budget.
• The Budget proposes a new $2.8 billion five year capital investment
• The budget contains $ 1 million for the expansion of nursing programs.
• The SEEK program is reduced by $555,000.to $16.3 million

CUNY - Community Colleges

• Community college formula aid is to be reduced from the current year amount $2675 per FTE to $2625 per FTE, a reduction of $50 per FTE.
• Rentals are increased from $4.5 million to $7.2 million
• Higher Education Services Corporation
• The Executive Budget proposes $2 million to provide combat veterans of Vietnam, Afghanistan or Persian Gulf conflicts with a tuition benefit in the amount of up to the full cost of SUNY tuition ($4,350) to be used at any college or university in New York State.
• The Executive Budget proposes that all students in default on Federal loans are to be ineligible for TAP awards, regardless of their loan guarantor

State Education Department

• Unrestricted Aid for Independent Colleges and Universities (Bundy Aid) is reduced from the current year amount of $46.2 million to $41.0 million
• The Higher Education Opportunity Program (HEOP) is reduced from $25.2 million to $24.2 million for 2008-09
• The Liberty Partnerships Program is funded at $12 million, a reduction of $538,000 from the current year funding
• The Science and Technology Entry Program is funded at $19 million for no change.

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