The Board of Governors adopted a $70.7 million operating revenue budget for Fiscal Year 2021 during special meeting on Thursday, July 23.
The board voted to adopt the proposed budget, which reflects the tuition rate increase proposed in April and a projected 10 percent decrease in credit hours.
Financial aid and scholarship expenses account for $12.9 million, resulting in a net operating expense budget of $61.5 million.
Compensation and benefits total $37 million and represent 60 percent of the net operating budget.
The compensation and benefits reflect graduated furloughs for all employees earning greater than $30,000. There will be a 10-month period – from Aug. 1 through May 31, 2021 – for campus employees to use their furlough days in order to coincide with the faculty contract period.
The budget process this year was challenging due to COVID-19 and cuts to state appropriations, said Carlos Haley, chair of the Budget Audit Committee.
“The university’s administration did a good job planning for the budget in light of the ever-changing information regarding the fall semester and state budget projections,” he said. “I believe the budget is tough, but manageable. Like managing a family budget, all areas of the university will need to be all in for it to work.
“I want to thank the administration, faculty and staff for their collaborative input on getting the budget completed, so the students will have minimal impact.”