HB 5501 Summary

• Revises Auditor General duties to annually conduct financial audits of state universities and Florida College System institutions to verify accuracy of Chief Financial Officer certifications regarding fund balances.

• Requires state universities maintain minimum 7% carry forward balance of state operating budget; universities exceeding this threshold must submit spending plans for approval by the Board of Governors.

• Creates new Section 1013.841 establishing identical carry forward balance requirements for Florida College System institutions and requiring spending plans for balances exceeding 7%.

• Establishes points-based prioritization methodology for capital outlay projects at universities (15% institutional match required) and colleges (10% match required), with priority criteria weighted toward previously funded projects, safety/maintenance needs, instructional capacity, and cost-effectiveness.

• Modifies Florida Bright Futures scholarship eligibility requirements and examination score thresholds, requiring the Department of Education to develop method for determining scores based on national SAT percentile ranks with annual publication of changes.