Trustees approve estimated 2002-03 budget of $261 million
Sept. 20, 2002
KALAMAZOO -- At its Sept. 20 meeting, Western Michigan University's Board of Trustees approved the estimated general fund operating budget of $261,064,185 for the 2002-03 fiscal year, an 8 percent increase over the previous year's budget.
The new budget for the fiscal year that began July 1 includes an expected $125.6 million in state appropriations and nearly $130.6 million in tuition revenue. The estimates are based on the new tuition rates set by trustees May 17 and an assumption that the state appropriations to the University will not change.
"This is the first time in my 33 years with the University that tuition revenues have exceeded state appropriations as a percentage of the budget," says Dean Honsberger, associate vice president for budget and planning. "For example, in 1978-79, 70 percent of our budget came from the state and just 26 percent came from students. This year, tuition will fund 50 percent of our expenses, while state appropriations cover just 48 percent."
The budget includes expected compensation increases of just over $7 million, along with a 10 percent increase in the cost of fringe benefits--mainly health insurance. Funds budgeted for student financial aid will also increase 9.2 percent, or $1.5 million.
As has been the case historically, the board also approved the carryover to the new budget year of unspent 2001-02 funds that are committed to programs.
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