BATON ROUGE, La. – The Louisiana Board of Regents announced in a press release that Dr. Jim Richardson will retire from his revenue estimating role.
"We are deeply grateful that Dr. Jim Richardson combined his professional expertise and impartiality in unwavering service to our state. He is the gold standard and we have our work cut out for us in finding a slate of candidates that can ably carry on his legacy of service," said commissioner of higher education Kim Hunter Reed.
In the coming days, the commissioner of higher education will consult with Regents members and higher education officials to finalize an appropriate process for soliciting candidates and vetting them thoroughly. According to law (LA R.S. 39:22), a final list of three to five candidates with revenue forecasting expertise will be submitted by the Board of Regents after consultation with the President of the Louisiana Association of Independent Colleges and Universities, Stanton McNeely. The commissioner intends to engage both the public and private higher education system presidents in the process as well.
"The Board looks forward to exercising this important duty," said Board of Regents Chairman Robert W. Levy. "We understand finding the best talent for this forecasting work is imperative to the transparent and fiscally responsible operation of our state. This decision will not be taken lightly."
Chairman Levy believes the Board of Regents will be ready to send its list of nominees no later than March 2019. The final selection of an economist principal lies with the governor, the house speaker and the senate president.
The Board of Regents, a state agency created by the 1974 Louisiana Constitution, coordinates all public higher education in Louisiana. The Board began operations January 1, 1975, succeeding the Coordinating Council for Higher Education.
The 15 volunteer members of the Board of Regents are appointed by the governor to six-year, overlapping terms, with at least one (but not more than two) Regents drawn from each of Louisiana’s seven congressional districts. In addition, the Louisiana Council of Student Body Presidents appoints one student member as its representative on the board.
Policies and decisions of the Board of Regents are administered by a full-time staff headed by the commissioner of higher education.
