Bond Revenue Committee set to make final decision today
The Bond Revenue Committee Tuesday will decide on next year’s room and board rate increase, which has been lowered because of a promising increase in housing applications.
Current figures for the room and board rates indicate an increase of about 5.5 percent, Mark Hudson, director of Housing and Dining, said Friday. The increase went down from the original proposed increase of 6.02 percent to 5.95 percent when $20,000 was taken out of the renovation and repair budget.
That figure has since been lowered to approximately 5.5 percent due to an increase in the number of housing applications.
This increase in housing applications projected an increase in the number of new residents, in turn bringing down the amount of increase for each student. Beginning estimates figured on 100 new residents and that number has since been raised to 125.
“I’d rather be more conservative on the numbers,” Hudson said. If there are more new residents, the extra funds will go into the restoration and repair budget.
Contingent on these numbers is confirmation of telephone rates for the next year and a possible minimum wage increase, Hudson said.
Money has been budgeted for a possible minimum wage increase by 35 cents for the entire year, although that increase has not yet been decided on by the federal government, Hudson said.
If that increase does not happen the extra funds will go into the restoration and repair budget, Hudson said.
Following the committee’s decision, the recommendations will go to Shirley Stewart, interim vice president for student affairs, then interim President Lou Hencken and finally to the Board of Trustees for final approval.
About 40 percent of the housing budget consists of fixed costs such as electricity, energy and trash removal, Hudson said. About 30 percent of the budget goes to salaries, 10 percent to food costs and about 20 percent funds remaining expenditures, such as telephone costs, he said.
The meeting will take place at 2 p.m. in the Housing Office Conference Room located on the first floor of the west side of the Martin Luther King Jr. University Union.
