During its meetings, the board approved the FY20 operating budget that was put forward by the college’s senior leadership team. The $360.4 million budget represents a decrease of $8.6 million from the forecasted amount for fiscal year 2018–19, and reflects a decrease of about 320 full-time students as compared to 2018-19. This decrease in full-time students comes as a result of a large graduating class as well as a smaller-than-anticipated first-year class. The FY20 budget contains various expense reductions that were recommended by the senior leadership team which help offset the lower-than-anticipated revenue.
The budget includes the 2019-20 salary pool increase for faculty and staff: up to 1.50 percent allocated for full general merit and up to .50 percent allocated for additional merit. For this year, the salaries of the president, every member of the senior leadership team, and each school’s dean will not be eligible for an increase from this pool. The senior leadership team collaboratively recommended to the board that these salaries be excluded from the pool because they felt very strongly about the importance of continuing to invest as much as possible in faculty and staff as well as in our strategic plan, even in the context of a challenging year.
The 2019–20 budget dedicates $128.9 million to unfunded institutional financial aid. Unfunded aid represents the college’s direct investment in students, and doesn’t include restricted financial aid, government funds, or donations.
The board also voted to move $1 million of the 2018-19 operating margin to the college’s endowment; ongoing efforts to increase the endowment are critical to the long-term health of the institution.
Given the change in our enrollment, trustees were impressed by and grateful for the strong efforts of the college’s senior leadership team, the Institutional Effectiveness and Budget Committee, and the members of the IC community in collaborating to produce an FY20 budget that generated significant ways to both implement lean operations for the coming year and identify new or underutilized revenue streams.
We invite you to view the full budget book, which will be posted online within the next month.