By R. David Shew
The Finance Committee met with members of the EKU Board of Regents Monday morning to update them on the proposed 2024-25 Budget. The finalized budget will be presented on May 15, 2024 at the next Board of Regents quarterly meeting.
Barry Poynter, the EKU Vice-President of Finance and Administration, presented the revenue side of the proposed budget to the Board. Poynter pointed out the proposed budget was increasing from $258,747,557 for the fiscal year 2023-24 to $262,100,144 for the fiscal year 2024-25.
President David McFaddin discussed how state mandated scholarship waivers and working through the end of the legislative session affected the proposed budget. McFaddin said Eastern has more students than any other university in the state with tuition waivers which reduces the overall revenue for the university.
In addition, the confusion over the federal release of the new FAFSA form has created some additional confusion. McFadden mentioned that a third of recent student aid forms had been returned due the update of the FAFSA form. The President also stated many of the EKU students rely on this form to attend college.
Poynter closed with an “incremental budget model is no longer effective and was never strategic nor nimble.” He added the new budget should “build in strategic reserves at the VP level and additional reserves built in at the Presidential level.” Finally, the proposed budget when finalized will “provide appropriate buffer for the realization of the tuition revenue in fall and spring.”
