OLDS – A newly-announced funding model will see a portion of government funding of colleges, universities and polytechnics based on achieving key performance measures, officials say.
Although the exact measures are still being finalized, the government says they may include graduate employment rate, median graduate income, graduate skills and competencies, work-integrated learning opportunities, administrative expense ratio, sponsored research revenue, and enrolment including potential targets for domestic students and international students.
The measures will be weighted differently depending on the individual institution.
Patrick Machacek is vice-president, development and strategy, at Olds College.
“Olds College welcomes the opportunity to work with the government of Alberta, students, faculty, staff and our fellow post-secondary institutions, to develop measurable performance criteria for the new outcome-based funding model,” said Machacek.
“Olds College is committed to being an essential, relevant, ag-focused post-secondary that is dedicated to providing an excellent student experience centred on hands-on learning and real world career opportunities.”
The measures will encourage institutions to improve services, increase efficiencies and create opportunities, according to Demetrios Nicolaides, minister of advanced education.
“This is a new and completely transformative funding model,” Demetrios said in a media release. “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.”
Shifting the focus to performance will ensure prudent use of taxpayer dollars, he said.
MLA Sarah Hoffman is the deputy leader of the official Opposition. She says the new model “does nothing to address the harm already inflicted on students and institutions by UCP cuts” and should be scrapped.
“The UCP’s record when it comes to advanced education is tuition hikes, the elimination of education and tuition tax credits, increasing the interest on student loans, and cutting grants for universities and colleges, all to pay for this government’s $4.7-billion no-jobs corporate handout,” Hoffman said in a release.
“They have pushed life-changing education out of reach for many Albertans. Rather than trying to distract from his failures on this file and binding our institutions and students with greater amounts of red tape, Minister Nicolaides should be focusing on undoing the devastating cuts they’ve already imposed.”
