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January 9, 2008

N.Y. Governor Looks to Lottery for University-System Endowment

New York’s governor, Eliot Spitzer, floated the possibility of partly privatizing the state’s lottery, in order to create an endowment for public higher education, in his annual address to lawmakers today.

The governor, a Democrat, said a fruitful endowment for the New York public-university system would need at least $4-billion, a figure that happens to match the state’s current budget deficit.

“We should unlock some of the value of the New York State Lottery, either by taking in private investment or looking at other financing alternatives,” said Governor Spitzer. “Higher-education funding should no longer be a budgetary pawn or a yearly battle. It must be a permanent priority.”

Mr. Spitzer also endorsed a proposal to add 2,000 faculty members to public universities in the state, to be paid for through the proposed endowment. The faculty proposal stemmed from a preliminary report issued last month by a commission charged with improving New York’s higher-education system.

The governor also touted a bill that would guarantee combat veterans in the state a full reimbursement for tuition at any college or university in the State University of New York or City University of New York systems. —JJ Hermes

Posted on Wednesday January 9, 2008 | Permalink |

Comments

  1. Seems like a good idea. May not be the ultimate answer but it is worthy of discussion.
    Privatization is not a sin and if the bottom line is improved — then let’s do it
    Also kudos for proactively seeking to help combat veterans. They have more than paid their dues.

    — Gustavo Mellander    Jan 9, 10:39 PM    #

  2. Governor Spitzer’s proposal for an endowment for public higher education is quite similar to the Higher Education Endowment Fund created in 2007 by the Australian Government with initial funds of $6 billion (Australian). New York may find the Australian discussion of some value in settling details of such an endowment fund.

    — Australian observer    Jan 10, 08:08 PM    #