Since the 2008 economic downturn, nearly higher education institutions have shifted costs to students, resulting in higher tuition costs. So…
- How does state cuts to post-secondary education threaten the quality and affordability at public colleges and universities?
- How will that affect the development of tomorrow’s entrepreneurs and skilled workforce?
State funding cuts to public colleges and universities have “driven up tuition and harmed students’ educational experiences by forcing faculty reductions, fewer course offerings, and campus closings. These choices have made college less affordable and less accessible for students who need degrees to succeed in today’s economy,” found the Center on Budget and Policy Priorities (CBPP), a Washington, DC-based nonpartisan research and policy institute. They found that funding for public two- and four-year colleges is almost $10 billion less than prerecession numbers (even after adjusting for inflation) (CBPP, August 2016).
The CBPP report found that nationwide higher education:
|State spending||• Up an average of $199 per student, or 2.8 percent|
|State funding||• Down an of $1,598 per student (18 percent), even as state revenues have returned to pre-recession levels|
While modest increases in state funding for public higher education may be a sign of better things to come, it’s clear that public colleges and universities will continue to find alternative funding sources or be forced to cut course offerings, student services, and other campus amenities.
Now it is the time to renew investment in higher education to promote post-secondary affordability and quality. Conventional budgeting and financial management systems are no longer sufficient to cope these fiscal challenges. Public colleges and universities require a fully integrated solution that links strategic planning, funding trends and spending priorities.
As a proven commercial off-the-shelf software solution (COTS), Questica Budget delivers all of the budgeting capabilities needed by colleges and universities, including allowing systems to establish and manage objectives and leverage financial and statistical data from multiple sources to strengthen financial health. We also offer multiple options for a high level of configurability and integration with a wide variety of ERP systems.
At Questica, we provide budgeting software to the public sector – that’s all we do. To find out why over 200 public sector customers chosen our budgeting solution, request a demo today.