CENTRAL WASHINGTON UNIVERSITY Board of Trustees October 22, 2021 Executive Summary – Budget Update
Fall-quarter enrollment is the official benchmark used by the state and the university for budgeting. As student enrollment is CWU’s main budgetary driver, fall-quarter data allows us to evaluate the assumptions made during the budget development process throughout the preceding months. In July, the board reviews and approves a draft budget, including proposed investments, estimated enrollment, and other factors. The budget is finalized in October based on official enrollment data. Each year after the tenth day of classes, when students have added or dropped classes and enrollment has stabilized, staff create a fresh revenue forecast for the remainder of the year for all fund groups. Historically, this has provided a very accurate prediction of the full-year financial activities. We have taken the same care with this year’s forecast as in the past, but need to insert some cautionary notes; the change in instructional modality, on-campus residency, and potential COVID-19 activity presents a higher level of uncertainty in the ability to predict the balance of the year. Fall 2021 enrollment was originally projected to be down about 4% compared to the prior fall, due mostly to circumstances created by the global pandemic. Actual enrollment at Fall 2021 10 th day census was 10,212, down 8.8% from the prior year fall. The majority of the decline is the result of lower first- year and new transfer students; continuing student persistence remained relatively strong. This overall enrollment is projected to result in relatively minor adjustment to revenues and related operating expenses.
Approved for Submittal to the Board:
Joel Klucking, Vice President Business and Financial Affairs
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