KENTUCKY STATE UNIVERSITY BOARD OF REGENTS
There has been a substantial rise in expenses for FY24 compared to the previous year. Notably, the following items were not included in FY23's budget, leading to a significant increase in expenses for FY24:
KPPPA Pension Liability of $2.3M
Energy Savings $1.3M
Bond Payment of $310K
New expenditures for FY24 totaling $5M includes:
EAB contract $300k
Sodexo Facilities $3M
Chiller Rental $60K (for 12 weeks until a new chiller arrives in December)
New Residence Hall $1.3M
Liquidating of Perkins Loans $300K
APA Auditor $61K
Due to the increase in expenditures for E&G, there is a deficit of $3.1M. In order to maintain a balanced budget for FY24, Auxiliary surplus was used to offset the deficit.
Acting President Dr. Michael Daily recommends the Board of Regents approve the recommended budget for FY24.
Approve the FY24 Recommended Budget for Kentucky State University.