The EMU Board of Regents approved Eastern Michigan University's 2004-05 general operating fund budget of $204,234,735 at its regular meeting June 15. The budget is a $7 million, or 3.6 percent, net increase over the prior year.
The budget is based upon the executive recommendation for a fiscal 2005 State of Michigan appropriation of $77,295,800, a 2 percent decrease from the original state funding level for fiscal year 2004, and enrollment of 568,000 credit hours, a 1 percent decrease from the fiscal 2004 budgeted student credit hours.
Financial aid, as approved in June 2003, has been increased $1.2 million for fiscal year 2005, representing 17 percent of the overall budget growth.
"Incorporated into the budget are several significant changes to the prior year base budget, including EMU's commitment to increased financial aid; its comprehensive budget reduction plan; the honoring of the tuition restraint pledge for resident undergraduate tuition and mandatory fees; other tuition and fee adjustments; and the use of the proposed fiscal 2004 appropriation rebate in fiscal year 2005," said John Beaghan, interim vice president of business and finance.
"Budget increases are attributable to a continual increase in certain basic operational costs such as health care, utilities and the Michigan Public Schools Employee Retirement System (MPSERS)," Beaghan said. "We continuously try to control cost increases."
The Board also approved the 2004-05 auxiliary fund-operating budget, which amounts to $41,610,212, an increase of $344,656 above the 2003-04 budget. The revenue variance is primarily due to a 4 percent increase in room and board rates, offset by a reduction in occupancy.
