I am excited to announce that on Aug. 17 the Board of Trustees unanimously approved the FY2023-24 budget. The FY2023-24 budget cycle is extremely important as we continue to stabilize our operating budget after prior years’ enrollment declines while also notably investing in our future. I am pleased to tell you that along with the FY2023-24 operating budget, the Board of Trustees approved $1.5M from net position that I will be using to support investments in new academic programs, competency-based education, Voice Over IP (VOIP), IT security, professional development, etc. The exact allocations have yet to be determined, but this signifies a great show of support from our trustees. I thank them for the confidence they are placing in me and the campus leadership.
The approved operating budget totals $121M in annual revenues, up $5M or 4.2% from FY2022-23. The increase in revenue is primarily driven by $4.6M in additional State allocations to support the university keeping tuition flat and investing in e-sports. When you exclude State-funded capital projects, approved investments in our facilities infrastructure, and the $1.5M in strategic initiatives, the actual operating deficit is ~$1.5M which will continue to be monitored and addressed in the current and future year budget cycles.
The FY2023-24 approved budget continues to address and support faculty and staff compensation. The approved budget includes State-mandated salary increases while also including funding for the third year implementation of salary adjustments associated with the recent Classification and Pay Study. Allocation of the salary adjustments will be based on updated salary analysis data conducted by the HR and Finance divisions. In addition to these operating expense increases, the approved budget also includes an additional $3.5M in State capital investments, with $1M specifically going to the dam behind the Winthrop Lake.
I would again like to thank the Board of Trustees and our State Legislators as both continue to support Winthrop University. Our future is bright with the support of these groups and your support in recruiting, educating and retaining students on a daily basis!
Thank you for your interest in the activities of the Board of Trustees.
Edward
Edward A. Serna
