1. Board of Trustees Meeting June 23, 2015

2. The FY16 Consolidated Operating Budget is structurally balanced –  A $6.8 million projected operating deficit has been closed ◦ Main Campus (Clifton, Harrison, Evendale) Departmental budgets reduced 11% ◦ Main Campus Administration reduced 15% ◦ Middletown budget developed in collaboration with Higher Education Partners  Main Campus Tuition and Fees revenues are budgeted at 90% of FY15 Actual. Middletown tuition and fees same as FY15.  The FY16 budget accommodates an increase of $1 million for debt service (Plant Fund)  There are no statutory authorized tuition increases for either FY16 or FY17 2

3.  State Share of Instruction (SSI) is projected to increase $643,522 (2.26%) over FY15 Actual as a result of Senate increasing higher education appropriation by $45.5 million on top of House increase of $39.6 million for an overall increase of $85.1 million (4.68%) for FY16.  Senate amendments also require colleges to develop a plan to provide all in-state undergrad students the opportunity to reduce cost of earning a degree by 5%. Specifies that a plan may include reducing credit hours required to complete an associate degree, as well as increased participation in College Credit Plus Program, among other things. ◦ Plans to be submitted to Chancellor by September 1, 2015 ◦ Colleges to be required to annually report any fee increases along with a justification for those increases. 3

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