May 2013 Budget Update from President Keizs

With the end of the fiscal year now approaching, I write to update you once again on the state of the college's 2012-2013 budget. As you may recall from my earlier budget updates, the college's FY 13 Financial Plan that the University Budget Office approved last summer projected a balanced budget and a 1% budget reserve at the end of the fiscal year. The plan also contained enrollment and revenue goals as well as Compact investments.

Based upon data provided by the University Budget Office through the third quarter ending March 31, 2013, 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.

Looking forward to the 2013-1014 fiscal year that begins on July 1, there is reason for optimism. Stable state support, a predictable tuition policy, Compact funding, and increased fund raising 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.

We anticipate the college's 2013-2014 initial budget allocation will be received from the University Budget Office within the next few weeks. 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 the appropriate faculty and student governance bodies so the necessary consultations can begin.

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