Higher Education Advisory Committee; higher education funding, report.

Higher Education Advisory Committee; highereducation funding. Requires the Higher Education Advisory Committee(Advisory Committee) to (i) develop a methodology by which to ratethe performance of each public institution of higher education and(ii) review and make recommendations for changes to existing fundingmethodology and targeted financial incentives. The bill requiresthe Advisory Committee to consult with national and state policy experts and institutional innovators in other states and considertrends in the implementation of various performance-based fundingmodels, accounting for institutional differences. The Advisory Committee's recommendations shall be designed to achieve increased degree andcredential attainment within high-demand fields, reduction of averagetime-to-degree, improved affordability for Virginia students and families, reduction of debt of former students and graduates, andimproved graduate employment outcomes. The bill requires that suchrecommendations be designed to result in a funding methodology and targeted financial incentives that allocate at least 80 percent ofstate appropriations for public higher education according to a setof certain performance metrics. Such recommendations are requiredto be submitted to the General Assembly and the Governor no laterthan the first day of the regular session of the General Assemblyin 2021.