Bill > AB94

This bill enacts several provisions related to higher education finance in California. It establishes a "Middle Class Scholarship Program" to make higher education more affordable for undergraduate students enrolled in the California State University (CSU) or the University of California (UC) whose household income does not exceed $150,000, with scholarship amounts varying based on income. The bill also requires the CSU and UC to report biennially on the costs of undergraduate and graduate instruction and research activities, disaggregated by various categories and funding sources, and to report annually on specific performance measures such as graduation rates, transfer student enrollment, and degree completions, with a particular focus on low-income students and STEM fields. Additionally, it allows the UC to pledge its General Fund support appropriation for certain capital expenditures and debt service, subject to legislative approval and reporting requirements, and mandates that any savings from refunding bonds be used to reduce the UC Retirement Plan's unfunded liability. The bill also includes provisions for the Student Aid Commission to enter into agreements with out-of-state agencies for student financial aid program assistance, creating a dedicated fund for these services, and allows the Director of Finance to defer certain General Fund appropriations to the CSU for cash management purposes. Finally, it appropriates funds for specific UC projects, including the Merced Campus and the UC Riverside School of Medicine, and clarifies legislative intent regarding retirement cost contributions.