Budget Presentation and Public Comment Session March 16, 2023

Budget presentation and public comment session on proposed tuition and fee ranges for 2023–24 academic year held on March 16, 2023, from 3:45 p.m. to 5 p.m.

Present from the Board

Lindsey Carney Smith, Esq., Rector
Ms. Judy Ford Wason, Finance and Facilities Committee
Mr. C. Larry Pope

Present from the University

Ms. Kelli Caplan, Writer/Editor
Dr. Bob Colvin, Chief of Staff
Ms. Sherry Crotts, Executive Administrative Assistant
Ms. Amie Dale, Board Liaison
Ms. Carolyn Davis, Director of Finance and Administration for Academic Affairs
Ms. Lisa Duncan Raines, Vice President for Enrollment and Student Success
Ms. Sarah Herzog, Director of Planning and Budget
Mr. Kenneth Kidd, Director of Administration and Operations
Mr. Thomas Kramer, Executive Director of the Wason Center and Legislative Liaison
Ms. Lynn Lambert, Associate Provost for Research and Dean of Graduate Studies
Ms. Jennifer Latour, Vice President for Finance and Planning and CFO
Ms. Christine Ledford, Vice President for Administration and Auxiliary Services
Ms. Kelly McGee Sousa, Public Relations Director
Mr. Alexander North, Captain’s Log Reporter
Ms. Rhonda Wissinger, Executive Administrative Assistant

Rector Carney Smith called the meeting to order and thanked Ms. Wason and Mr. Pope for attending and participating in the meeting.

Rector Carney Smith thanked those in attendance and explained that Ms. Latour, Vice President for Finance and Planning/Chief Financial Officer, had laryngitis and has asked Ms. Sarah Herzog, Director of Planning and Budget to provide the budget presentation. Following the presentation, members of the public who signed up to provide public comment would be called to the podium.

Budget Presentation

Ms. Herzog provided a budget presentation which included an overview and background of the budget, both revenue and expenses, and a review of our historical tuition and fee rates and factors. A copy of the budget presentation is included with the minutes.

Ms. Herzog explained the two major sources of operating revenue within the university’s budget stating that the largest portion is the General Fund which is the support from the state. She said that tuition alone represents about 25% of the budget and tuition and fees combined represent approximately 62%. She then went on to explain how tuition dollars are spent.

She stated that there have been no tuition increases since the fall of 2018 and the comprehensive fee and room and board fees have been level since the fall of 2019. Ms. Herzog explained that there are multiple factors to take into consideration when setting tuition and fees: expected state funding and state requirements, student affordability, competitiveness and impact on budget and ability to deliver quality services.

Ms. Herzog said that the state requires a comprehensive six-year plan submission which includes a projection of tuition and fees. The plan was based on several factors including enrollment projections, spending initiatives and the assumption of no additional state funds being provided. Given these parameters, a tuition increase of 8.5% was proposed for next academic year. Unfortunately, the 2023 General Assembly adjourned adopting only a “skinny” budget and it did not include additional funding for institutions of higher education.

Rector Carney Smith thanked Ms. Herzog for her excellent presentation and asked that the same information would be presented at the next Finance and Facilities Committee meeting.

Rector Carney Smith stated that there were no on-line public submittals on tuition and fees.

There were no others signed up or present to speak at the public comment meeting. Rector Carney Smith thanked everyone for attending and then adjourned the meeting.