Our higher education institutions are the key to strengthening our regional economy. I fought hard for an appointment to the Higher Education Committee because I understand that state government must be willing to make the necessary investments in higher education to meet our region's economic challenges.
Higher Education institutions cultivate our region's next generation of leaders. Turning around our economy will take a multi-pronged approach. We must ensure our institutions excel in order to attract the best students to Western New York and create the job opportunities that will keep them here after graduation.
For Western New York, expanding and improving our colleges and universities begins with the passage of the UB 2020 Flexibility and Economic Growth Act, of which I am a co-sponsor.
The bill, which has garnered broad public support, proposes reforms that would provide the University at Buffalo the capital and the financial flexibility to grow by 40 percent, create jobs and increase its annual regional economic impact from $1.7 billion to $3.6 billion.
The UB 2020 reforms would increase the University's flexibility in four areas: tuition, property, procurement, capital projects and construction. Under the proposed changes, the University at Buffalo would be authorized to set modest tuition increases based on educational needs that would be offset by increased state aid available through the Tuition Assistance Program (TAP). In regard to capital project financing, the University at Buffalo would have access to financing through the Dormitory Authority and would be able to use lower-cost alternative construction models. The bill would also eliminate costly bureaucratic roadblocks and allow the university to strengthen partnerships between the public and private sectors, help expand educational opportunities and develop the region's economic development.
The success of UB 2020 will provide a blueprint for education investment to legislators across the state.
We also must focus on investment in our community colleges. A 4-year collegiate education is not for every student and community colleges can provide opportunities for adults of all ages to better their educational standing as well as live and work in our community. Whether it be a student coming straight from high school, a single parent trying to better their educational standing or an older adult who chooses to make a career change late in life, these schools are often the lifeblood of our communities.
Over the coming years, I will fight to make sure that state government provides all of our universities, community colleges and trade schools the resources they need to hire top flight professors, fund groundbreaking research, build relationships with the private sector and attract bright young minds that will choose to contribute to the local economy following graduation.