Press release from Cal Poly Humboldt:
Today, California Governor Gavin Newsom shared a revision of his administration’s proposed state budget for 2023-24 fiscal year.
As highlighted in the CSU Statement on Governor’s May Revision 2023-24 Budget Proposal, the May Revision maintains the $227.3 million ongoing funding increase to the CSU that was included in the Governor’s initial budget proposal. Newsom’s plan also includes a new approach to funding a portion of the investment in Cal Poly Humboldt’s polytechnic transformation.
Under this proposal, Cal Poly Humboldt would still be able to deliver the critical projects needed to support enrollment growth, expand access to affordable housing, and build infrastructure for new programs.
The proposal calls for shifting $201 million in General Fund support for Cal Poly Humboldt infrastructure projects to bonds issued by California State University. In exchange, the state will provide $16 million in new, ongoing funding to cover the cost of servicing the debt for polytechnic infrastructure projects. This proposed change is related to one-time funding, and does not impact the ongoing polytechnic funding of $25 million.
The issuing of state revenue bonds is a standard process in the CSU to support infrastructure projects. Currently, for example, Cal Poly Humboldt is strategically using system revenue bonds to fund part of the new Student Housing Project at St. Louis Road.
In 2021, Gov. Newsom and the state legislature approved $458 million ($433 million in one-time funding and $25 million in ongoing funds) to help support the polytechnic vision.
Funding from that historic investment was allocated to launch academic programs. It was also allocated to fund extensive infrastructure improvements and new facilities that directly support student success and retention and allows Cal Poly Humboldt to build out new programs and enhance current academic offerings.