The fiscal year 2015 budget was approved by the Board of Trustees at their regular meeting on \u00a0June 23, 2014. I thank everyone for their work during the budgeting process and appreciate \u00a0those who attended Employee Conversation meetings last spring. Because of your hard work\u00a0and input, the approved FY15 budget was balanced using a combination of expenditure \u00a0reductions, modest tuition increases, and additional sources of revenue. The budget does not rely \u00a0on reserves and will assist us in achieving a long-term sustainable business model.<\/p>\n
The final FY15 budget included tuition rate changes of 5.3% for all in-state tuition and 7.2% \u00a0change for out-of-state tuition. The Dental Assistant program will now be included in Tier I \u00a0differential tuition rates and an International rate for fiscal year 2016 was approved by the Board\u00a0of Trustees. Additional revenue from the Foundation of $68,000 and from Marine Technology \u00a0portfolio B projects of $135,000 is included.<\/p>\n
Changes in expenses included reductions in the capital outlay (COAT) allocation of $50,000, \u00a0professional development of $40,000, general E&G of $187,000, and personnel of $420,000. \u00a0These adjustments came as a result of the Planning and Budget Council asking for additional\u00a0reductions based on the analysis of personnel and other expenses. Also included in the budget is \u00a0a placeholder for changes in employee compensation. As you are aware, the recommendation \u00a0from Planning and Budget Council was to align the date of compensation changes to January 1 in \u00a0conjunction with employee health benefits. This alignment will provide a more complete picture of fall tuition revenue and allow time for the Compensation Study and its implementation to be \u00a0reviewed by the Board of Trustees at their September meeting. We acknowledge that there are \u00a0still questions regarding the implementation of any compensation changes and we will keep you \u00a0informed as recommendations are finalized. I expect implementation will be a multi-year \u00a0activity. Please refer to my memo of June 11, 2014 for more on this issue.<\/p>\n
As always, I will keep you informed of any changes to the situation. I ask everyone to continue \u00a0the good work you are doing in recruiting students and helping them on their completion \u00a0pathway.<\/p>\n
Thank you.<\/p>\n
Timothy J. Nelson, President<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The fiscal year 2015 budget was approved by the Board of Trustees at their regular meeting on June 23, 2014. I thank everyone for their work during the budgeting process and appreciate those who attended Employee Conversation meetings last spring. Because of your hard work and input, the approved FY15 budget was balanced using a combination of expenditure reductions, modest tuition increases, and additional sources of revenue…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9219","post","type-post","status-publish","format-standard","hentry","category-presidents-update"],"acf":[],"yoast_head":"\n