Requires, by November 1st of each even-numbered year, beginning in 2008, the office of financial management to complete an objective analysis and scoring of all capital budget projects proposed by the public four-year institutions of higher education and submit the results of the scoring process to the legislative fiscal committees, the higher education coordinating board, and the four-year institutions. Each project must be reviewed and scored within one of the categories listed in the act, according to the project's principal purpose. Each project may be scored in only one category.

Requires, by August 15th of each even-numbered year, beginning in 2008, each public four-year higher education institution to prepare and submit a single prioritized list of the individual projects proposed by the institution, except for research institutions which shall prepare two separate prioritized lists, one for the main campus, and one covering all of the institution's branch campuses, to the office of financial management and the legislative fiscal committees.

Requires the higher education coordinating board and the state board for community and technical colleges to submit a higher education capital facility financing study to the governor and the appropriate legislative fiscal committees by December 1, 2008.