House Bill 5341 (sHB5341) proposes significant changes to the financial management and reporting of public institutions of higher education in Connecticut, with an effective date of July 1, 2024. The bill mandates the Board of Regents for Higher Education and the Board of Trustees to submit detailed annual reports on actual and projected revenues and expenditures, categorized by specific sources of revenue such as state support, federal funds, tuition, and other sources, and by expenditure categories including personal services, fringe benefits, and student financial aid. The bill also includes provisions for tuition waivers for certain groups, such as veterans and dependents of military personnel, and requires the setting aside of tuition revenue for financial assistance based on financial need. Additionally, the bill outlines the conditions under which tuition will be waived for veterans applying for federal educational assistance and prohibits the assessment of graduation fees to students at regional community-technical colleges and The University of Connecticut.

The bill received a Joint Favorable report from the Higher Education and Employment Advancement Committee with a unanimous vote. It includes insertions that specify the categorization of revenue and expenditures for more detailed financial reporting. These insertions include ongoing state support, funds from the American Rescue Plan Act, and other state funding categories, as well as expenditure categories like contracts, foundation and endowment funds, and projects. The bill does not indicate any deletions from the current law.

Statutes affected:
Raised Bill:
HED Joint Favorable:
File No. 235: