The Eastern Kentucky University Board of Regents has approved a $362 million budget for the upcoming fiscal year. It represents a $17 million dollar reduction from the current year's spending plan.
EKU Senior Vice President Barry Poynter said the decrease is found primarily in grants and contracts. University President David McFaddin says drawing up next year’s budget could present bigger challenges.
“We will be good active budget managers working through the year. We are in a growth cycle. But, there will be some strategic and thoughtful work that has to be done throughout the year as we move toward next year’s budget where we need to come with a balanced budget that is not relying on those federal funds to balance,” said McFaddin.
McFaddin said the cost of attendance at the Richmond school is four percent lower than the pre-pandemic period. Poynter noted much of that is found in free textbooks.
“We’ve made an impact with books, with book smart for example. We removed $1200 a year from students cost of attendance with book smart. So, that’s how we’ve made this more affordable for students over the last three years,” said Poynter.
McFaddin, meanwhile said more money is being set aside to address mental health services. He called it the greatest crisis on college campuses across the U.S.
The approved budget includes a two percent pay hike across the board for faculty and staff. Tuition will increase by one percent while residence hall rates rise by three percent and meal plan costs escalate by 3.5 percent.
