Budget Update

As you may recall from previous budget updates, the college’s FY14 Financial Plan the University Budget Office approved in summer 2013 projected a balanced budget and a budget reserve at the end of the fiscal year. The plan also contained enrollment and revenue goals as well as Compact investments.

Based upon the latest data provided by the University Budget Office, I am pleased to inform you that the college’s performance is on target to achieve the financial and enrollment goals that were established at the beginning of the fiscal year. In addition, the investments in full-time faculty and support staff that were called for in the Compact Hiring Plan are also on target. We should all be encouraged by the progress we have made together towards our financial goals.

Fiscal year 2015 began on July 1 and there is reason for continued cautious optimism. Stable state support, a predictable tuition policy, Compact funding, and expected fundraising by our Office of Institutional Advancement, together with continued expenditure controls and improvements in efficiency, will strengthen the college’s ability to provide our growing student body with the rich array of excellent academic opportunities they demand and deserve.

The college’s 2014 – 2015 initial budget has been received from the University Budget Office. As in the past, the college’s budget office will analyze the initial allocation and prepare a draft Financial Plan which will be shared with various sectors of the college community including faculty and student government bodies.

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