3329-S AMH FROM HOWS 029

SHB 3329 - H AMD 1142

By Representative Fromhold

ADOPTED 2/15/2008

   On page 4, line 33, after "Sec. 3." strike all material through "means." on page 5, line 22 and insert the following:

   "The office of financial management shall submit a higher education capital facility financing study to the governor and the appropriate legislative fiscal committees by December 1, 2008. In designing and conducting the study, the office of financial management shall consult with legislative and fiscal committee leadership, the department of revenue, the state investment board, the higher education coordinating board, the state board for community and technical colleges, and the public four-year institutions of higher education. The study must include:
     (1) A review of the methods that are used to fund higher education facility expansion and improvements in other states, with particular emphasis on Washington's global challenge states, and the relative portions of such expenditures that are borne by students, state taxpayers, federal grants, and private contributions;
     (2) An examination of alternatives for reducing facility construction and maintenance expenditures per student through strategies such as expansion of distance learning opportunities, increased scheduling of classes during evenings and weekends, the establishment of expected cost benchmarks by facility type, and other means; and
     (3) An assessment of the strengths and weaknesses of potential new revenue sources that might be applied to the funding of higher education facilities. These alternative sources must include, but not be limited to, adjusting student fees to support a larger share of the cost of such facilities, bonding against student fee revenues, utilizing local tax revenues to support local higher education capital needs, promoting business participation in the financing of programs strongly linked to area economic development, and other means."

EFFECT: The Office of Financial Management is required to conduct and submit the higher education capital facility financing study to the Governor and Legislature. In designing and conducting the study, the Office of Financial Management must consult with legislative and fiscal committee leadership, the Department of Revenue, the State Investment Board, the Higher Education Coordinating Board, the State Board for Community and Technical Colleges, and the public four-year institutions of higher education.