ACTION ITEM

Approval of FY 2024 Recommended Budget for Kentucky State University.

FACTS

KSU's recommended budget has been prepared in order for the University to begin its fiscal operations for the new year. Please note that this is a high-level budget. The University intends to present a revised budget to the Board of Regents in September, once the University has more accurate information regarding enrollment.

The budget structure for FY 2024 is categorized into four sections:

  • Education & General
  • Auxiliary
  • Land Grant Match
  • Asset Preservation

The Asset Preservation is listed independently and as the last section due to these funds being restricted for KSU's 15% match for capital projects.

Revenues

Revenues were derived from a projected full-time undergraduate enrollment of 1250 (Fall 2022 full time undergraduate enrollment was 1259).

The calculation for Tuition and Fees is as follows:

  • 67% of the out-of-state enrollment of 1250 students multiplied by the rate of $6,067, added to 33% of the in-state enrollment of 1250 students, multiplied by the rate of $4,044
  • The resulting revenue of $6.7 million multiplied by 2, which equals $13.5 million
  • Mandatory fees of $1,032,500 are included, bringing the overall total for tuition and fees to $14.5 million

Other sources of revenue include:

  • reimbursements
  • rebates
  • interest income
  • investment income.

Based on projected enrollment and its impact on the budget, the decision was made to decrease institutional scholarships to $2M (allocated institutional scholarships for FY23 was $2.9M).

Finance and Administration