The Board of Trustees of St. Mary's College of Maryland approved the fiscal year 2024-25 budget during a meeting held on Friday, June 14. The new budget, totaling $93,236,399, reflects a modest revenue increase of $1.07 million (1.2%) over the previous fiscal year, primarily due to enhanced state support, tuition, and auxiliary enterprise revenues.
Despite maintaining a tuition freeze for the fifth consecutive year, the college saw an uptick in overall tuition revenue, attributed to enrollment growth. The tuition freeze has been a consistent policy to ensure affordability and accessibility for students, which appears to be paying off with increased student numbers.
However, expenditures for FY25 also rose, with a total increase of $1.4 million (1.6%) compared to FY24. This increase was driven by newly required expenditures, a salary pool for faculty and wage increases, the annualization of prior year salary changes, and operational budget adjustments necessitated by strategic initiatives. The total projected expenditures stand at $93,054,045.
The approved budget projects a surplus of $182,354, providing a cushion for the college's financial planning and unexpected needs.
The increased state support highlights the ongoing commitment from the Maryland government towards higher education. This support is critical in maintaining the quality of education and expanding resources for students and faculty alike.
Increased revenues from auxiliary enterprises, such as campus housing, dining, and other student services, also played a significant role in the budget. These enterprises are vital in supporting the college's operational needs and enhancing the overall student experience.
The budget's approval marks a significant step for St. Mary's College of Maryland as it continues to navigate financial challenges while striving to maintain its commitment to affordability and quality education. The college's strategic initiatives, supported by the new budget, are expected to further its mission and goals, ensuring a robust educational environment.
St. Mary's College has consistently worked towards financial stability while upholding its educational standards. The FY25 budget reflects this ongoing effort, balancing necessary expenditures with responsible financial planning to ensure a positive outlook for the upcoming academic year.
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