Wisconsin Statutes Higher Education (Ch. 36 to 39) § 39.285. Board review of proposed formulae

(1)(a) By March 1 of each year, the board shall approve, modify, or disapprove any proposed formula for the awarding of grants for the next fiscal year submitted under sub. (2) or (3) or s. 36.11(6)(c) or 38.04(7m).

(b) If the board determines during a fiscal year that any formula approved under par. (a) during the prior fiscal year needs to be modified during the fiscal year in order to expend the entire amount appropriated for grants to students under s. 39.30 or 39.435, except s. 39.435(2) or (5), in that fiscal year, the board shall submit the modified formula to the joint committee on finance. If the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting for the purpose of reviewing the modified formula within 14 working days after the date of the submittal, the modified formula may be implemented as proposed by the board. If, within 14 working days after the date of the submittal, the cochairpersons of the committee notify the board that the committee has scheduled a meeting for the purpose of reviewing the modified formula, the modified formula may be implemented only upon approval of the committee.