Addition Planned at Viking Woods Housing Complex
Date Posted: June 20, 2023
Posted In: News, Projects,
From Leader Publications: Jefferson College officials will raise tuition next school year as part of its fiscal year 2024 budget, which was approved June 8.
The budget also includes a large capital project – an addition to the Viking Woods housing complex.
The college’s Board of Trustees voted unanimously to approve the budget, which runs from July 1 to June 30, 2024, and includes $37.5 million in operating costs, up from the previous year’s budget of $34.8 million.
The college is projected to bring in $35,045,903 during the 2024 fiscal year, up from this year’s projection of $33,434,162.
Since the 2024 budget has the college spending about $2.4 million more than it expects to bring in, officials plan to use reserve funds to balance the budget.
Despite the deficit spending, Jefferson College President Dena McCaffrey said the school remains financially solid.
“By the end of FY24, our unrestricted fund reserves are projected to be at 20.7 percent, $7,034,988,” McCaffrey said. “I feel we are in a strong financial position. Our goal is to keep our unrestricted fund reserves between 15 percent and 20 percent.”
The projected ending reserve fund balance for the current fiscal year is $9,405,339.
McCaffrey said college officials anticipated using the reserves in the FY24 budget.
“We actually planned and built our reserves knowing we needed it for salary increases and because of inflation,” she said.