BOT to approve final FY23 budget Friday

Eastern+University+President+David+Glassman+gives+the+Board+of+Trustees+an+update+on+university+highlights+during+the+first+BOT+meeting+of+the+fall+semester+on+Spet.+9+in+the+Grand+Ballroom.

Rob Le Cates

Eastern University President David Glassman gives the Board of Trustees an update on university highlights during the first BOT meeting of the fall semester on Spet. 9 in the Grand Ballroom.

Madelyn Kidd, News Editor

Eastern’s Board of Trustees will vote on the final fiscal year 2023 budget on Friday at its meeting in the Tarble Arts Center at 1 p.m.

The trustees meeting was moved to Tarble due to the Grand Ballroom in the Martin Luther King Jr. University Union being used for an open house on Friday.

The trustees will vote to approve the FY23 financial plan and FY24 budget projections.

The final FY23 financial plan includes all budgeted revenues, expenditures and funds compared to the actual revenues, expenditures and funds from FY2020, FY2021 and FY2022.

The FY24 budget projections include:

  • $2M expense on technology enhancements
  • $1,978,421 expense on deferred maintenance
  • $1,650,000 expense on academic base support
  • $402,000 expense on recruitment and retention in a diverse learning environment

The technology enhancements for FY24 would be for eliminating a repeated audit finding which requires an off-site data security center for disaster recovery, creating a virtual desktop infrastructure and increasing the density of campus wireless access points.

The deferred maintenance expenses in FY24 would go towards increasing the annual state appropriation to approach the annually recommended maintenance target of 2.5% of the current replacement values of campus buildings.

The academic base support projected expenses would go towards enabling recognition and enhancement in first-choice programs for undergraduate and graduate students. The expenses would be divided between faculty, support staff, contractual services which includes scholarships, commodities, travel and equipment.

The recruitment and retention expenses would go towards personnel services, contractual services, instructional materials and commodities for a diverse learning environment.

The trustees will also vote to approve the FY24 capital budget summary and different projects within the capital budget.

There are 13 total projects within the FY24 capital budget priced at $283,679,400.

  • $96.6M for the new science building project – escalation only
  • $85,805,900 for the repurpose steam production facilities project to remodel and rehabilitate
  • $53,949,400 for the upgrade utilities infrastructure project for safety and utilities
  • $8,804,000 for the rehabilitate Klehm Hall HVAC and plumbing project
  • $8,383,500 for the upgrade electrical building distribution project
  • $6,677,800 for the fire alarm upgrades project in Buzzard and Coleman Hall
  • $6,522,300 for the rehabilitate Life Science and Coleman Hall HVAC and plumbing project
  • $5,200,400 for the rehabilitate windows in McAfee project
  • $3,936,100 for the upgrade electrical system in the Physical Science Building project
  • $2,461,100 for the replace campus compressed air distribution piping project
  • $2,211,500 for the rehabilitate windows for Booth Library project
  • $1,994,000 for the fire alarm upgrades in Old Main, Klehm Hall and Student Services project
  • $1,133,400 for the emergency power system in the Physical Science Building project

 

Madelyn Kidd can be reached at 581-2612 or at [email protected]