Trustees Approve FY 2008-09 Budget, Tuition and Fees Increase Averaging 5.9 Percent
On Feb. 23, the Board of Trustees approved Guilford's budget for the 2008-09 fiscal year beginning July 1. The budget is balanced with total revenues of $69 million and total expenditures of $68.2 million. The projected $820,000 excess of revenues over expenditures is for repayment of the college's line of credit.The board's action fixes the annual increase in tuition and fees. At the board's May meeting, if needed, a revised budget will be presented for approval that takes account of any material changes in enrollment projections (traditional, CCE and The Early College at Guilford) since February, and other unanticipated revenues and expenses, in time for the start of the new fiscal year.
Highlights of the FY 2008-09 budget, in addition to funding priorities in The Strategic Plan for Guilford College 2005-2010, include the following:
- Aiming at the midpoint of what comparable colleges and universities charge, an increase in tuition/fees/board charges for traditional students averaging approximately 5.9% and 4.2% per credit for adult students;
- Total student enrollment increase of 2.2%;
- Endowment spending rate of 5% of average market value;
- Salary and wage increase averaging 3.5% for faculty and staff; and
- Continued funding of the Quality Enhancement Plan (QEP), "Writing in the Majors."
The budget was recommended by the Budget Committee (chaired again this year by Professor Heather Hayton) and approved by President Kent Chabotar. As a part of the process, there were two community forums on the budget, involving students, faculty and staff. Providing the budget narrative and attachments, as presented to the trustees and approved without amendment, is part of the administration's goal of transparent decision-making and open communication.
Click here to view the budget documents.
March 21, 2008