IL SB2950

Amends the Board of Higher Education Act to require performance-based funding allocations to public institutions of higher education starting in Fiscal Year 2013, with metrics designed to promote student success in degree and certificate completion.

Mandates that performance metrics be developed in consultation with public institutions and stakeholders, recognize institutions' differentiated missions, account for at-risk student populations (first-generation, low-income, underrepresented students), and maintain degree and certificate quality.

Requires funding for performance-based allocations to increase by at least 0.5% above Fiscal Year 2014 levels for Fiscal Year 2015, and by at least 1% above the previous fiscal year for each of Fiscal Years 2016 through 2019.

Directs the Board of Higher Education to form a broad-based group including representatives from the Governor's office, General Assembly, higher education institutions, state agencies, and business to design the performance-based allocation system.

Takes effect immediately upon becoming law.