Agenda Item No. IV. C. 1. a.

Washburn University Board of Regents





SUBJECT: Fiscal Year 2007 Budget



BACKGROUND:



At the January 4, 2006 Budget and Finance Committee meeting, a 3% salary pool was discussed.  The committee, concerned that Washburn would not keep pace with other Kansas universities at that level, requested another alternative. Subsequently, a salary increase pool of 5.5% was recommended to and approved by the Budget and Finance Committee at its January 31, 2006 meeting. 



This recommendation was recommended to and approved by the Board of Regents at its March 17, 2006 meeting. The 5.5% salary pool is $2.472 million to be funded from a combination of state funds, sales tax and tuition increases.



DESCRIPTION:



At the January 31, 2006 Budget and Finance Committee meeting, the committee also discussed possible revenue and operating expense increases. Since that time, the administration has been working toward the development of the FY 07 budget as follows:



Revenue Assumptions:

State operating grant increase, $455,060, plus $100,000 to replace out-district tuition

Sales tax revenues, $173,183 increase from FY 06

Tuition increase of $11 per credit hour (6.71%)

Undergraduate resident tuition of $175 per credit hour

No increase in FY07 enrollment projections (excluding PLAN, MSN and Law)



Expenditure Guidelines:

Performance-based salary increase pool of 5.5% for both faculty and staff

Non-discretionary increases for utilities, software maintenance/internet connectivity, scholarships and the library, $310,000

Allocations for classroom renovations and transformational experiences



DESCRIPTION:



The FY07 summary tables of the budget are attached. These tables along with the executive summary detail the changes in the budget from FY06 to FY07.



FINANCIAL IMPLICATIONS:



As described above and in the attached budget summary tables, and as detailed in the FY07 Budget Book.



RECOMMENDATION:



President Farley recommends the Board of Regents approve the FY07 general fund operating budget.



_____________________ _________________________

Date Jerry B. Farley, President


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