News
Ohio University Could Get $12 Million In Additional Revenue
By: Sara Brumfield | Athens Messenger
Posted on:
Ohio University is set to bring in more state support and tuition revenue for the current fiscal year than previously anticipated, according to the university’s CFO.
In a memo from Stephen Golding, OU’s vice president for finance and administration, to the board of trustees dated Aug. 8, the university could see an additional $12 million in revenue that wasn’t expected a few months ago.
Ohio University’s current 2014 fiscal year began July 1.
According to the memo, Ohio University has confirmed that it will see a 9 percent increase in State Share of Instruction funds — $7.5 million — over what was projected in February.
Golding also states that the university’s projections for first-year student enrollment continue to be significantly higher — 10 percent — over the university’s planning assumptions.
“The university could see as much as a $4.5 million surplus in tuition over what was anticipated in the trustees approved budget last June,” he wrote.
In addition to the increased SSI and tuition revenue, the university also had a healthy carryover from Fiscal Year 2013 of nearly $34.2 million.
The current fiscal year’s approved budget is $644,954,157, which is $7.9 million less than the prior year. Although there is less revenue expected for the current fiscal year compared to last year, the current budget allows for an additional $9.8 million in expenditures — estimating a $16.3 million carryover to begin the 2015 fiscal year.
According to Golding’s memo to the trustees, the university will be investing more money to support its 20-year capital improvement program.
These investments will be discussed at the OU Board of Trustees meeting Aug. 29-30 at Columbus State Community College in Columbus.