Budget Presentation and Public Comment Session April 3, 2024

Budget presentation and public comment session on proposed tuition and fee ranges for 2024–25 academic year held on April 3, 2024, from 9:30 to 10:45 a.m.

Present from the Board

Lindsey Carney Smith, Esq., Rector
The Honorable Ronald L. Tillett, Chair Finance and Facilities Committee
Brentley K. Archer, Student Life Committee, Board of Visitors

Others Present

President William Kelly
Mrs. Jennifer Latour, Chief of Staff
Ms. Yvonne Clark, Senior Budget Analyst
Dr. Bob Colvin, Vice President for Strategic Initiatives
Ms. Sherry Crotts, Executive Administrative Assistant
Ms. Amie Dale, Board Liaison
Mr. Elijah Dorman, Admission Program Assistant
Ms. Lisa Duncan Raines, Vice President for Enrollment and Student Success
Ms. Chloe Grell, Captain’s Log Reporter
Mr Jim Hanchett, Chief Communications Officer
Ms. Sarah Herzog, Chief Financial Officer/Associate Vice President
Mr. Zach Holmes, Director of Budget and Planning
Mr. Kenneth Kidd, Deputy Chief of Staff
Mr. Thomas Kramer, Executive Director of the Wason Center and Legislative Liaison
Ms. Lynn Lambert, Associate Provost for Research and Dean of Graduate Studies
Mr. Rob Lange, Dean of Admission
Ms. Kimberly McDaniel, Assistant Director, Admissions
Mr. Alexander Noth, Captain’s Log Reporter
Ms. Donna Swiney, Executive Administrative Assistant
Ms. Julianna Wait, Associate Vice President for Enrollment Services and University Registrar
Ms. Rhonda Wissinger, Executive Administrative Assistant

Rector Carney Smith called the meeting to order and thanked The Honorable Ronald L. Tillett and Mr. Brently Archer for attending and participating in the meeting.

Rector Carney Smith thanked those in attendance for being there and asked Ms. Sarah Herzog, Chief Financial Officer/Associate Vice President 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 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.

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, the Six Year Plan included a tuition increase of 5% was proposed for next academic year. However, the final determination on tuition and mandatory fee increases would be determined by the Board based on final state budget actions.

Rector Carney Smith thanked Ms. Herzog for her presentation and asked if there were any questions. There were no questions and 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 at 9:55 a.m.