KENTUCKY STATE UNIVERSITY BOARD OF REGENTS

Expenses

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

BUDGETARY IMPLICATION

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.

RECOMMENDATION

Acting President Dr. Michael Daily recommends the Board of Regents approve the recommended budget for FY24.

MOTION

Approve the FY24 Recommended Budget for Kentucky State University.

Finance and Administration