The Alberta Government is changing its funding model for post-secondary schools.
Advanced Education Minister, Demetrios Nicolaides, made the announcement yesterday.
In a media release, Nicolaides says the funding will be tied to performance measures.
“This is a new and completely transformative funding model for our universities, colleges and polytechnics,” says Nicolaides.
“Our new approach will help ensure students are set up for success by encouraging institutions to produce job-ready graduates. Students make a significant investment in their post-secondary education, and it is essential we do everything possible to give them a rewarding career at the end of their studies. By shifting the focus to performance, we will ensure taxpayer dollars are being used in the most responsible way possible.”
While the province and post-secondary institutions have to work out specifics for performance measures, Nicolaides listed a few items that could be tied to funding.
Some measures could include: graduate employment rate, graduate skills and competencies, as well as enrollment.
Over the past 10 years, additional jurisdictions have implemented various methods of performance-based funding, such as the United Kingdom, Belgium, Spain, Portugal, Italy, Norway, Sweden, Denmark, Finland, Poland, Australia, New Zealand and Hong Kong.
The amount of funding tied to performance outcomes will begin at 15 per cent of operational funding for 2020-21 and gradually increase to a maximum of 40 per cent by 2022-23.
A small number of performance measures will be introduced for the 2020-21 academic year, and more measures will be gradually introduced over the next three years to a total of about 15.
Grande Prairie Regional College is one of 26 post-secondary institutions that receive funding from the province. In a statement, GPRC President and CEO, Dr. Robert Murray says the college is looking forward to collaborating with the government.
“GPRC welcomes the opportunity to work with the government to develop key performance indicators for the College that will reflect the needs of our region and students that build on our strengths as we pursue our goal of being a northern centre of post-secondary excellence.”
– Kenny Trenton, Trending 55 Newsroom
