Funding for higher ed moving forward in legislature
Story By: Bea Karnes
Source: AP
A plan to use nearly $2 billion in federal energy revenue to pay for higher education construction and larger scale construction projects is advancing at the state Capitol.
The Senate Education Committee unanimously backed the bipartisan bill yesterday. It's supported by state colleges and universities, the oil and gas industry and communities at the heart of the energy boom.
It would take most of the growth in federal energy royalties and place them in two funds - one for higher education construction and another for oil and gas cities and counties.
The state is forecast to take in $2.7 billion in royalties and bonus payments over the next decade. That doesn't include bonus payments for leasing the Roan Plateau which could bring in several hundred million dollars more. Over 10 years, the higher education fund would be expected to grow to about $672 million while about $1 billion would go to projects in impacted communities.
