2015-16 KENTUCKY STATE UNIVERSITY ANNUAL BUDGET
MAY 29, 2015
RECOMMENDATION
That the Kentucky State University (“KSU”) Board of Regents adopt the FY 15 Housing and Board Fee Schedule Resolution as set forth in Attachment A (page 3) and adopt the FY 15-16 budget resolution ( Attachment B, page 6) regarding the 2015-16 Annual Budget for the Kentucky State University. This budget and its provisions will be effective July 1, 2015 through June 30, 2016.
The Housing and Board Fee Schedule sets fees for FY 16 at the same level as FY 15 with no increases. (Attachment A, page 4)
The annual budget ( Attachment C, pages 8-9) directs the use of financial resources available to KSU to help achieve the mission and vision of KSU. This budget places emphasis and the highest priority on students and the effective and efficient use of available resources.
The 2015-16 KSU budget will:
Fund fixed cost increases in current employee benefit programs.
Fund fixed cost increases in utilities and facility insurance.
Fund the essential services of the University and serve as a platform for growth.
This recommended budget is supported by the KSU President's Cabinet.
The proposed resolution ( Attachment B, page 6) provides for adequate fiscal control and oversight by the KSU Board of Regents consistent with common practice within postsecondary education institutions. At the same time, the resolution provides a reasonable amount of discretion to the KSU President and establishes limits and thresholds that the President cannot exceed without the expressed consent of the Board.
The proposed budget and its provisions will be effective for the fiscal year beginning July 1, 2015 and ending June 30, 2016.
KRS 164.350 directs the KSU Board of Regents, upon recommendation of the KSU President to adopt an allocation process for distributing funds appropriated to KSU by the General Assembly. Also, KRS 164.350 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 KSU.