Friday News Roundup: Week of May 16-20

TX schools may lose $4B, but budget deal elusive

UC tuition might jump 32% if tax proposal fails, official says

Michigan budget agreement restores $330 million in state aid for schools

Nevada Democrats vote to increase state aid to higher education

TX schools may lose $4B, but budget deal elusive
Texas legislators, seeking to reach a budget deal before the end of the session on May 30, may have reached a compromise that would cut funding for public schools by $4 billion over the next two years.  These cuts represent about half of the spending reduction originally proposed in the House.  Higher education is one topic still under consideration; the Senate’s budget proposal provides an additional $1 billion over the House’s proposal to higher education.  More here…

UC tuition might jump 32% if tax proposal fails, official says
According to University of California officials, the 8 percent tuition hike planned for the fall semester will be insufficient to cover costs if Governor Jerry Brown’s proposal to extend taxes fails in the state legislature.  If the tax extensions fail, the state’s funding for the UC system will be cut by $1 billion next year, twice what it would be if the tax extensions pass. Under those circumstances, students can expect a 32 percent midyear tuition increase, said UC President Mark Yudof.  More here…

Michigan budget agreement restores $330 million in state aid for schools
A Michigan budget agreement for fiscal year 2012 restored $330 million to the budget for K-12 school districts.  The funding will be used to help cover retirement costs for districts and to reward schools for best practices that help to reduce overall costs. Although the budget still trims school funding overall, including a 22 percent reduction in state aid to universities, the agreement is a compromise from Republican Gov. Rick Snyder’s proposed cuts.  More here…

Nevada Democrats vote to increase state aid to higher education
Democrats in the Nevada State Senate and Assembly voted last week to fund Nevada colleges and universities with about $100 million more than Governor Brian Sandoval had proposed.  The Democratic-passed budget also cuts in half the proposed tuition increase of 26 percent over two years, instead requiring the University of Nevada system to find the money to cover the roughly $22 million difference. The governor is expected to veto the bill.  More here…

Briefly Noted:

The New Mexico state pension fund for teachers and educators earned more than $300 million last quarter.  The fund has mostly recovered from the 2007 downturn, and is now valued at almost $9.5 billion.