Washburn University Board of Regents

Agenda Item No. V. B. 6.

Washburn University Board of Regents

SUBJECT: Fiscal Year 2005 Budget

BACKGROUND:

At the July 21, 2004 meeting, the Board approved the budget guidelines to be used by the administration to develop the FY 05 operating budget. Since that time, the administration has developed the FY 05 budget in accordance with the guidelines approved by the Board of Regents in consultation with the Budget and Finance Committee as follows:

Revenue Assumptions:

Ë State operating grant restored to pre-reduction level, and increase of $455,060.

Ë Sales tax collections for FY 04 were above budget; however, in order to maintain a conservative budget, no increase was projected for FY 05. Sales tax budget same for FY 05 as FY 04.

Ë Tuition increase of $15 per credit hour

Ë Undergraduate resident tuition of $150 per credit hour

Ë Additional tuition and fees revenue from enrollment growth

Expenditure Guidelines:

Ë Performance-based salary increase pool for both faculty and staff

Ë Non-discretionary increases for utilities, health insurance, and property/workers' comp insurance

Ë Support for strategic priorities and enrollment growth - academic programs and initial funding for implementation of the academic plan, scholarships, student support services, facilities services, enrollment management, and administrative information systems project

Ë Allocations for classroom renovations

DESCRIPTION:

The FY 05 summary tables of the budget are attached. These tables along with the executive summary detail the changes in the budget from FY 04 to FY 05.

FINANCIAL IMPLICATIONS:

As described above and in the attached budget summary tables, and as detailed in the FY 05 Budget Book.

RECOMMENDATION:

President Farley recommends the Board of Regents approve the FY 05 operating budget.