The 2024-2026 Biennial Budget Request for Kentucky State University (KSU) is submitted in accordance with the request approved by the Kentucky Council on Postsecondary Education (CPE).
The CPE budget recommendation includes funding requests for all public Kentucky higher education institutions for continuing operations and for strategic investments in statewide priority areas.
Over the past three years, Kentucky State University has experienced instability in many areas within the University. KSU's new administration is repositioning the University for success by implementing short term strategies to ensure the following:
At the start of fiscal year 2024, compliance with procurement and budgeting was strictly enforced. Additionally, only first quarter budgets were loaded in order to further control spending and adhere to the FY24 approved budget. The budget office is continuing to allocate departmental appropriations one quarter at a time for the remainder of the fiscal year. Currently, the University is on track to have a balanced budget with a contingency fund surplus of over $460,000.
A Management Improvement Plan (MIP) was developed by the Council on Postsecondary Education (CPE) in consultation with KSU at the direction of the Kentucky General Assembly per 2022 House Bill 250. The purpose of this MIP was to aid KSU in restoring organizational and financial stability. The plan contains eight elements which include specific measurable goals, objectives, benchmarks, as well as a process for monitoring and evaluating KSU's progress toward its implementation.
As part of the MIP, the University is required to submit supporting documents monthly and quarterly on its progress with the goals and objectives. This is validated by an independent third party.
The KSU finance team and other campus departments worked with the Ellucian Banner consultants to leverage the investment in Banner and begin the revitalization of the system.