MADISON, Wis. — The University of Wisconsin System regents have approved a formula for divvying up a chunk of new state aid according to schools’ performances.

The Republican-crafted state budget hands the system $26.25 million tied to performance in a number of areas, including improving student access, student progress toward completion, workforce contributions and efficiencies.

The budget requires the regents to submit a formula for measuring performance to the Legislature’s finance committee by mid-February.

The regents approved a plan Thursday that establishes 16 metrics for each institution, including average undergraduate enrollment, credit hours and time-to-degree.

State public schools Superintendent Tony Evers cast the only dissenting vote, saying such an approach to funding doesn’t work.