Agenda Item No. V. B. 1.
Washburn University Board of Regents
SUBJECT: Fiscal Year 2003 Budget
BACKGROUND: At the July 24, 2002 meeting, the Board approved the budget guidelines to be used by the administration to develop the FY03 operating budget. Since that time, the administration has developed the FY 03 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 same as FY 02, less Governor's reduction of $79,455
Sales tax increase based on FY01 actual collections adjusted for the 9.55% decline in FY 02 collections, $721,832
Tuition increase of $10 per credit hour
Undergraduate resident tuition $120 per credit hour
Additional tuition and fees increase from unbudgeted FY 02 actual enrollment
No increase in FY 02 actual enrollment, except Law
Other miscellaneous revenues of approximately $40,000
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, athletics
DESCRIPTION: The FY03 summary tables of the budget are attached. These tables along with the executive summary detail the changes in the budget from FY02 to FY03.
FINANCIAL IMPLICATIONS: As described above and in the attached budget summary tables, and as detailed in the FY03 Budget Book.
RECOMMENDATION: President Farley recommends the Board of Regents approve the FY03 operating budget.
Date Jerry B. Farley, President