Requires the office of financial management, in consultation with the legislative fiscal committees, the state board for community and technical colleges, and the public four-year institutions of higher education, to develop: (1) Learning space utilization standards for higher education facilities;

(2) Reasonableness of cost standards for higher education capital projects; and

(3) A criteria scoring and prioritization matrix for use by four-year higher education institutions and other decision makers to produce single prioritized lists of higher education capital projects that consists of a numeric rating scale that assesses how well a particular project satisfies higher education capital project criteria and a numeric measure to weigh the importance of those criteria.

Requires the office to provide technical assistance to the legislative fiscal committees and the four-year institutions in using the criteria scoring and prioritization matrix mentioned above.