SUBJECT: Fiscal Year 2004 Budget
At the July 23, 2003 meeting, the Board approved the budget guidelines to be used by the administration to develop the FY04 operating budget. Since that time, the administration has developed the FY 04 budget in accordance with the guidelines approved by the Board of Regents in consultation with the Budget and Finance Committee as follows:
State operating grant virtually same as reduced FY 03, an increase of $1,478.
Sales tax budgeted at level of actual collections for FY 03, a decrease of $752,551. This decrease is being funded by a transfer from the Smoothing Fund in the amount of $752,551 to keep the total sales tax income available to the General Fund for FY 04 at the same level as FY 03.
Tuition increase of $15 per credit hour
Undergraduate resident tuition $135 per credit hour
Additional tuition and fees increase from unbudgeted FY 03 actual enrollment
No increase in FY 03 actual enrollment, except Law, as basis for FY 04 budget
Performance-based salary increase pool for both faculty and staff
Non-discretionary increases for utilities, health insurance, and property/liability insurance
Support for strategic priorities - administrative information systems project, scholarships, student support services, facilities services, and academic programs
The FY04 summary tables of the budget are attached. These tables along with the executive summary detail the changes in the budget from FY03 to FY04.
As described above and in the attached budget summary tables, and as detailed in the FY04 Budget Book.
President Farley recommends the Board of Regents approve the FY04 operating budget.
Date Jerry B. Farley, President