EMU REGENTS OK 2002-2003 GENERAL FUND OPERATING BUDGET
YPSILANTI The 2002-2003 general fund operating budget of $193.4 million was approved for Eastern Michigan University by the Board of Regents at its regular meeting June 25.
The budget represents an increase of $14.98 million or 8.4 percent net increase over the prior year. The amount is $1.1 million more than proposed in the 2002-2003 budget strategy approved November 27, 2001.
The change is attributed to helping meet contractual obligations such as a $7.3 million increase in collective bargaining compensation as well as $3.1 million increase in the cost of benefits. The budget does not accommodate any across-the-board or inflationary costs for general operations.
The key budget parameters assume the following:
Enactment of a fiscal year 2003 State of Michigan appropriation of $87.6 million
Enrollment levels that project 565,485 student credit hours, an increase of
4.2 percent over 2001-02.
And the limiting of undergraduate resident tuition to not more than 8.5 percent
or $425 per FYES whichever is greater.
The regents also approved a recommendation that $3.6 million be designated for non-base initiatives and contingencies. Funding for the non-base expenditures would be provided by enrollment gains.
AUXILIARY FUND BUDGET: The board approved the $38.02 million 2002-03 Auxiliary
Fund Operating Budget. The auxiliary budget is an increase of 10.4 percent over
last years budget. The revenue increase reflects a 6.25 percent increase
in room and board rates and the previous board-approved increase in parking
It anticipates an operating expense budget of $30.89 million, up from 8.5 percent
from last year. The increase in expense is due to debt service related to the
$6 million parking expansion and more planned maintenance (repairs to facilities).
The total net of operations is set at $7.12 million. Housing and Dining Services
will spend$4.83 for maintenance and renovation projects in 2002-03. In addition,
$850,000 will be set aside for long-term improvements to housing and dining