The President’s 2014 Budget Proposal includes several Pay for Success pilots. The Office of Management and Budget at the White House says the following about this new way of financing: “Pay for Success is an innovative way of partnering with philanthropic and private sector investors to create incentives for service providers to deliver better outcomes at lower cost—producing the highest return on taxpayer investments. The concept is simple: pay providers after they have demonstrated success, not based on the promise of success, as is done now.”
In case you missed it, the President’s FY14 Budget was released last week. This past Tuesday, a special edition of OVAE Connection analyzed OVAE programs in the budget. Check out the detailed analysis here.
On Wednesday the President sent his FY14 budget request to Congress. To learn more about the President’s budget proposal for education, visit: www.ed.gov/budget14. For specific budget information related to OVAE’s programs, visit here. We’ll post further analysis of the OVAE proposed budget in the coming days.