Did you miss the 2020-2021 budget town hall meetings with Vice President of Business Operations and Finance Loren Bender held earlier this month?
Loren kicked off each meeting reviewing the values set to develop the 2020-2021 budget, which include:
- Serving expected growth in enrollment;
- Supporting long-term initiatives;
- Making all facilities available and usable;
- Applying coronavirus learnings into budget;
- Securing wage increases for full- and part-time employees;
- Enhancing sanitation and cyber security;
- Growing technologies service, support and innovation; and
- Utilizing Coronavirus Aid, Relief and Economic Security (CARES) Act funds, which is still evolving.
He explained our expectations for 2020-2021 revenue, including that:
- We estimate enrollment to grow by 5% due to COVID-19;
- There will be no tuition rate changes;
- Our state funding adjustments are currently uncertain;
- Our international and out-of-state enrollment remains uncertain due to the pandemic;
- We expect Continuing Education participation to grow;
- We will manage short- and long-term distance learning revenue; and
- We will use our fund balance as a risk mitigation tool;
Additionally, our expenses for 2020-2021 will include:
- Increasing wages for both full- and part-time employees;
- Basing expenses off of our 2019-2020 fiscal year;
- Supporting short-term enrollment growth;
- Supporting initiatives; and
- Generating expense savings if volume is not achieved.
Loren also discussed block tuition and fee rates structure; recurring and non-recurring state support; in-state and out-of-state revenues and fee rates; our revenue perspective on the course modality shift to online; revenue from Continuing Education and Language programs; our operating revenue budget; and expenditures.