EMU regents approve 2004-05 general fund operating budget
YPSILANTI – Eastern Michigan University’s 2004-05 general operating fund budget of $204,234,735 was approved by the EMU Board of Regents 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 two percent decrease from the original state funding level for fiscal year 2004, and enrollment of 568,000 credit hours, a one 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).”The Board also approved the 2004-05 auxiliary fund operating budget amounting 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.
Eastern Michigan University is a public, comprehensive university that offers programs in the arts, sciences and professions. EMU prepares students with the intellectual skills and practical experiences to succeed in their career and lives, and to be better citizens.
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