| DATE: | May 21, 2020 |
|---|---|
| SUBJECT: | Review of the Proposed FY2021 Budget Allocation |
| FROM: | FINANCE AND ADMINISTRATION |
| ACTION ITEM: | NO |
BACKGROUND: KRS 164.350 directs the Kentucky State University Board of Regents, upon recommendation of the President, to adopt an allocation process for distributing funds appropriated to Kentucky State University by the General Assembly. KRS 164.350 also directs the Board of Regents to assure that the budget planning and implementation processes are consistent with the adopted strategic agenda, the biennial budget, and the mission of Kentucky State University.
Due to the COVID-19 Pandemic, the budget enacted by the campus anticipates decreased revenues and expenditures.
All comprehensive state universities in Kentucky are working through how to address reduced budget due to COVID-19.
SUMMARY OF PROGRAMS/ACTIVITIES: N/A
ALIGNMENT WITH STRATEGIC GOALS:
Goal 1: Enhance Student Enrollment, Improve Student Life and Engagement, and Improve Student Advising and Career Development.
Goal 3: Increase the University's Financial Strength and Operational Efficiency.
PROGRAM IMPLICATIONS: N/A
FISCAL IMPLICATIONS: The proposed budget addresses long term structural issues and aligns ongoing revenues with ongoing expenses. Reductions in potential revenue due to the COVID-19 pandemic led to a redistribution and realignment of the campus workforce and operations.
RECOMMENDATION: N/A
ATTACHMENTS: YES