(VINCENNES, IN) - Vincennes University has adopted a $134.76 million budget for fiscal year 2009-10.
Adopted unanimously by the VU Board of Trustees Finance/Revenue Committee, the budget includes general fund revenues and expenses of $70.13 million and auxiliary fund revenues and expenses of $23.65 million. Although the budget includes no salary increases, it does provide for health insurance increases of 10 percent.
The Finance/Revenue Committee on July 13 approved increases in tuition and fees of 3.75 percent in 2009-10; the smallest percentage increase among all state universities.
"There are not any significant increases in any of the areas of the budget because of the fact that our revenue stream is a little less than it was a year ago, so we had to be cognizant of that as we developed this budget," said VU President Dick Helton.
State operating appropriations to VU were cut about 4.6 percent over the biennial budget adopted by the legislature earlier this year.
"The budget that was adopted relates to the economic times that we have today. We tried to be mindful about tuition increases and think about our students and their parents during this economic downturn. At the same time, we have a responsibility to maintain a quality program at Vincennes University, so this budget reflects that," Helton said.
Helton will join other state university presidents Tuesday before the State Budget Committee to answer questions about tuition increases. "I am confident about defending this budget because, number one, VU adopted the lowest percentage increase in tuition among the state universities, being mindful of our students and their parents," Helton said. "We feel very confident that we developed a budget that we can easily justify and at the same time maintain quality programming for Vincennes University students."
Helton praised the work of trustees and staff in preparing this year's budget. "I cannot say enough about the good work that we have done collectively to develop this budget. We tried to develop a financial plan that will allow us to grow as an institution and provide programming that is important to our students," Helton said. He singled out both the Board's Finance/Revenue Committee and the VU Financial Services Area, under Vice President Phil Rath, for their work in developing the budget.
"This has been a different budget to prepare. The economic downturn has certainly had an impact on what we've done from the finance standpoint," Helton said.
Although stability rather than growth characterizes the adopted budget, Helton said communities served by VU will receive a boost.
"When you talk about a budget of this magnitude, just the sheer numbers themselves indicate that this offers a positive impact for the communities we serve," Helton said. "When we bring a large number of students to campus each fall, that also impacts our community from an economic standpoint, and that's why it is important that we maintain a quality budget, quality programs, and we find ways to help our students and communities at the same time."
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