As it has for the past three bienniums, the agency will ask for enough money to provide assistance for all qualified students.
9 million into the grant program during the 2003-05 biennium.
Ironically, the share of interest income going to tuition grants still will increase somewhat in the 2003-05 biennium in spite of the Measure 19 withdrawal.
That's mainly because the amount of interest the fund earned this biennium dropped sharply in response to the economic downturn, bringing in $2.
So, if current estimates hold up, the agency will receive about $800,000 more in the next biennium than it did this time, even though the fund is reduced by more than half.
6 million cut this year and the loss of interest income next biennium is difficult to predict until the commission decides how to distribute the losses.
The student assistance commission already submitted its budget request for the 2003-05 biennium, but will have to revise it to make up for the Measure 19 loss, Svejcar said.
That will require a general fund appropriation of just more than $77 million, almost twice the amount originally appropriated this biennium.