IL HB4991

Amends the Board of Higher Education Act to establish performance-based funding for public universities starting in Fiscal Year 2019.

Requires that allocations to public universities based on performance metrics shall comprise no less than 5% of the overall higher education budget amount for public universities from the General Revenue Fund.

Directs the Board of Higher Education to develop performance metrics in consultation with institutions and stakeholders to measure student success in degree and certificate completion, with special consideration for at-risk students including first-generation, low-income, and underrepresented populations.

Establishes five guiding principles for metrics development: consultation with institutions, recognition of underrepresented student success, accounting for differentiated institutional missions, focus on completion outcomes, and maintenance of degree quality.

Takes effect immediately upon becoming law.