FREDERICTON (CNB) – The provincial government and public university presidents have agreed to work together to develop a four-year funding model.

During the next fiscal year, the Department of Post-Secondary Education, Training and Labour and the public universities will develop a funding model that responds to the priorities of post-secondary education in the province.

"I am pleased we have taken this first step together," said Post-Secondary Education, Training and Labour Minister Martine Coloumbe. "This commitment to develop a four-year funding model will provide public universities with a predictable funding base to plan their activities over a longer period of time."

Financial predictability will allow universities to communicate a four-year tuition schedule to students so they can plan for the full cost of their education.

A similar process will be initiated for the two community colleges.

Details of funding for universities in 2011-12 will be made available in the provincial budget.