Michigan Laws 388.1836k – Distribution to certain public universities for per-student floor funding
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Terms Used In Michigan Laws 388.1836k
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The amounts appropriated in section 236 for per-student floor funding are distributed to those public universities whose annual state appropriations per fiscal year equated student is less than $4,500.00 and are to be allocated each year until a funding floor of $4,500.00 is met.
(2) The per-student floor funding allocation for fiscal year 2023-2024 is an amount equal to the difference between $4,500.00 and the amount calculated by dividing the annual state appropriations for fiscal year 2022-2023 by total fiscal year equated students for all public universities for fiscal year 2021-2022. The amount paid to an eligible public university is the amount calculated in the immediately preceding sentence multiplied by that university’s fiscal year equated students for fiscal year 2021-2022. If a calculation under this section results in an amount less than $0.00, the payment under this section is equal to $0.00. It is intended that each public university will reach a minimum funding level of at least $4,500.00.
(3) As used in this section:
(a) “Annual state appropriations” means the total of those amounts allocated in section 236(2) with the exception of MSU AgBioResearch and MSU Extension for the fiscal year ending September 30, 2023.
(b) “Fiscal year equated students” means that term as used in the higher education institutional data inventory for the fiscal year ending September 30, 2022.