Requires the office of financial management to convene a group by August 15th of each even-numbered year to rank higher education capital projects in priority order in a single list to be submitted to the legislature for the ensuing biennium.

Requires the priorities set by the group to consider policies for the state's higher education system to achieve growth and manage existing assets in a responsible manner, biennial budget projections for capital expenditures, and biennial budget projections for student full-time equivalent growth.