The State Board of Regents approved three new policies and amended a fourth to provide more financial oversight over how colleges pay for some new buildings.
One of the new policies could save students money because it calls on college to pay closer attention to refinancing options and make sure that at least half of those savings be used to reduce fees and other charges. It could be at least a couple of years before students benefit from any savings.
The rules focus on non-academic buildings built through public private ventures and funded in part by fees students pay. These buildings include dorms, parking decks and student activity centers.
The new rules would require the system to establish a reserve fund to provide a safety net for these special construction projects.
Also college presidents would need approval from Chancellor Hank Huckaby before moving forward with any new policies that would require students to live on campus.
Chief Fiscal Officer John Brown said the new policies were designed to ensure the financial viability of these projects and guarantee they meet the system’s needs. The changes will also maintain affordability for students while protecting the system’s and state’s credit lines, he said.
After the vote Huckaby acknowledged the new policies may not be the most exciting but told the board it was “very important.”
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