Federal Stimulus Stabilization Funds
The American Recovery & Reinvestment Act (ARRA) signed into law by President Obama on February 17, 2009 includes measures to modernize the nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief and protect those in greatest need. The Act includes $37 billion in competitive grants.
The State of Georgia made significant reductions to the FY2009 and FY2010 budgets of the University System of Georgia (USG) in order to meet budget targets. Federal stimulus stabilization funds were awarded by the State to offset this reduction. The stabilization funds were allocated to the all 35 institutions on a pro-rata share of budget. These funds were used to accomplish the following:
- Sustain employment of faculty and staff
- Meet student needs for classes so that they can progress to degree on schedule
- Meet increased enrollment demand
The stabilization funds were used to retain primarily faculty positions and some staff positions. These positions are critical in providing a quality educational experience for our students and ultimately ensuring that more Georgians will be well prepared to meet the challenges of tomorrow?s economy. University System of Georgia received a total of $274 million in federal stimulus stabilization funds and retained 2,980 jobs as of March 31, 2010.