2008 Woodie Awards
Budget committee recommends 6.5 percent increase in tuition expense
Deena Zaru
Issue date: 2/1/08 Section: News
The budget committee has recommended increasing traditional student cost by an average of 5.9 percent and raising continuing education (CCE) student tuition by 4.2 percent.
On Jan. 23 in the Founders Gallery, the budget committee gave a presentation on Guilford's current financial situation and future plans.
Issues concerning tuition, salaries, and the college's future financial state were discussed.
The committee's goals for the college for the upcoming fiscal year are to reduce dependence on its line of credit, bring down its debt, and protect its long-term financial health.
"The senior staff, in coordination with the budget committee, have developed the needed action plans," said Gerald Boothby, vice president of finance and administration. "Additionally, the budget committee, senior staff, and trustees have taken a conservative approach to future enrollment projections and their impact on the budget."
The presentation was given by Heather Hayton, assistant professor of English and chair of the budget committee, with contributions from Boothby and Adrienne Israel, vice president for academic affairs and academic dean.
"For this fiscal year, the college has had to reduce its expense budgets to accommodate lower than originally approved enrollment numbers for CCE and summer school," said Boothby. "Also address(ed) was the college's dependency on the use of its line of credit (that) increased to $3.9 million last fiscal year."
According to the presentation, the committee tried to craft a budget that "balances between revenue and expenses yet also pays down our line of credit, reflects our reality that 78.6 percent of our revenue comes from tuition and fees, shares resources and responsibilities, and involves plenty of open, ongoing conversation."
"Despite the talk of cuts that were real and painful, the proposed budget for next year is $4 million more than this year (2007-08)," said President Kent Chabotar. "In 2002 when I arrived, we had no plan and a budget in a deficit exceeding millions despite catastrophic overspending from endowment. Guilford College fixed those problems."
On Jan. 23 in the Founders Gallery, the budget committee gave a presentation on Guilford's current financial situation and future plans.
Issues concerning tuition, salaries, and the college's future financial state were discussed.
The committee's goals for the college for the upcoming fiscal year are to reduce dependence on its line of credit, bring down its debt, and protect its long-term financial health.
"The senior staff, in coordination with the budget committee, have developed the needed action plans," said Gerald Boothby, vice president of finance and administration. "Additionally, the budget committee, senior staff, and trustees have taken a conservative approach to future enrollment projections and their impact on the budget."
The presentation was given by Heather Hayton, assistant professor of English and chair of the budget committee, with contributions from Boothby and Adrienne Israel, vice president for academic affairs and academic dean.
"For this fiscal year, the college has had to reduce its expense budgets to accommodate lower than originally approved enrollment numbers for CCE and summer school," said Boothby. "Also address(ed) was the college's dependency on the use of its line of credit (that) increased to $3.9 million last fiscal year."
According to the presentation, the committee tried to craft a budget that "balances between revenue and expenses yet also pays down our line of credit, reflects our reality that 78.6 percent of our revenue comes from tuition and fees, shares resources and responsibilities, and involves plenty of open, ongoing conversation."
"Despite the talk of cuts that were real and painful, the proposed budget for next year is $4 million more than this year (2007-08)," said President Kent Chabotar. "In 2002 when I arrived, we had no plan and a budget in a deficit exceeding millions despite catastrophic overspending from endowment. Guilford College fixed those problems."
Be the first to comment on this story