A total of $1.5 million will be returned to Iowa’s three regents universities after better-than-expected state revenues resulted in more than $8 million being restored to previously cut state programs late last week.

An executive order by Gov. Tom Vilsack, acting on his continued pledge to fund Iowa schools, dictated $4.5 million be returned to Iowa K-12 schools, a 10 percent return of the $45 million chunk taken from state aid for schools earlier this year.

“Education is Iowa’s No. 1 priority, and as revenues have shown a stronger than expected increase, we have an opportunity to make a smart investment of these resources by directing them back into education,” Vilsack said in a release.

State universities will also benefit from the return of state funds, with the bulk being divided between the University of Iowa, which will receive $697,408, and Iowa State, which will receive $582,041.

The University of Northern Iowa received $200,968 returned to them.

The Friday announcement of the legislation necessitated some 11th-hour budgeting on the part of Iowa State, said Vice President of Business and Finance Warren Madden, with the end of the fiscal year approaching Wednesday.

Although public schools are able to hold state funds over until the following year, he said, state entities such as the three universities are required to either spend excess funds or allocate them to capital projects such as building development, maintenance or scientific equipment before the fiscal year ends. Otherwise, he said, the funds would revert back to the state.

And while the $582,041 portion Iowa State received does little to relieve the impact of Vilsack’s October cuts, Madden isn’t complaining.

“Every dollar helps,” he said.

Most of the funds coming to Iowa State will be awarded to a general university fund, but Madden said more than $444,000 left unallocated will probably be used to complete building repairs and maintenance that, under the fiscal year 2004 budget, would have been put off until more funds were available.

Other departments benefiting from the reallocation include the Agriculture Experimental Station, which will receive $79,537, Cooperative Extension Service, receiving $50,611, and the Leopold Center for Sustainable Agriculture, receiving $1,191.

Also receiving funds will be the Livestock Disease Research program and the department of Economic Development.

In the long run, Vilsack said, the money could have a favorable effect on the budget priorities put forth by the Board of Regents this year.

Chief among them the allocation of funds to create a competitive employment atmosphere at the state’s universities.