DeKalb County is home to a wide diversity of businesses, with manufacturing, healthcare, logistics and agriculture companies all contributing to a dynamic, thriving economy.

Key to this success is ready access to the expertise, resources and talent provided by Northern Illinois University. The university is critical to regional economic development through partnership as well as workforce development.

Indeed, data show that every dollar invested in the university generates an additional $12 in economic activity, including job creation, research, innovation and development. That’s an amazing return on investment for Illinois taxpayers. However, future growth potential is being limited without the state’s commitment to equitable and sustainable funding for all public universities.

As it stands, the State of Illinois allocates funding to public universities without regard for institutional size, mission or the needs of student populations.

This poses a problem because every university is different, with varying needs.

For instance, regional public universities like NIU serve a higher number of low-income, first-generation and underserved students than other campuses. These students need greater support than their better-resourced peers, but it is increasingly difficult for universities to match their talent with opportunity and support their long-term success.

Decades of underfunding from the state have limited the universities’ ability to invest adequately in financial aid, academic and non-academic support services, career counseling and student health and wellness programs. This doesn’t just put underserved students at a disadvantage – it means a dimmer future for the entire state.

Stable and sufficient funding for all public universities is in reach through the Adequate and Equitable Funding Formula, proposed in Illinois Senate Bill 13 and House Bill 1581. Through this mechanism, additional funding would be allocated to public universities with consideration for their size, mission and student population. It is a data-driven approach designed to close equity gaps and strengthen outcomes statewide.

All public universities would receive additional funding, and eight of nine Illinois public university presidents are in support of the legislation.

If enacted, the funding formula would drive an additional $148 million investment to NIU over a decade. This would be transformative for the university and our regional economy.

For example, additional funding would diminish pressure on tuition, making NIU even more affordable and providing more students and families with the upward mobility higher education provides. Illinois cannot afford to let socioeconomic barriers prevent talented individuals from earning degrees and becoming the skilled workforce and taxpayers who will strengthen the state’s future.

With adequate, equitable funding, NIU will be able to provide students with the necessary resources to succeed, graduate and impact our community, region, state and well beyond in sustainable ways.

Under the proposed legislation, increased funding, paired with transparency and accountability, will enable public universities, state agencies and the General Assembly to identify, elevate and scale the programs that most effectively drive access, affordability and degree completion to address evolving workforce needs.

It is estimated that additional funding for universities would reduce student outmigration to other states and generate 15,000 more graduates in Illinois each year.

Those additional graduates would strengthen the state’s workforce and enhance its competitiveness for business investment. They are projected to generate $5.3 billion annually in economic activity, fueling local economies, expanding homeownership and supporting community growth across Illinois.

We believe that talent is everywhere, but opportunity must be intentionally and equitably expanded. With the long-term commitment to public university funding outlined in the funding formula legislation, both our region and the state’s future will directly benefit.

We urge the General Assembly to pass the equitable funding formula this session and put Illinois on a path toward greater strength and long-term prosperity.

• Co-authored by the following: Dr. Lisa Freeman is president of Northern Illinois University. Melissa Amedeo is executive director of the DeKalb County Economic Development Corporation.