Central Washington University Board of Trustees October 20, 2023 Action – Fiscal Year 2024 Budget Approval
Central Washington University’s anticipated operating revenue and expenses for Fiscal Year 2023 will be approximately $246 million, up over 3% from the prior year actuals. Compared to the prior year, the increase in revenues is due to higher state appropriation for faculty & staff COLAs and other programmatic investments and slightly higher residential occupancy than the prior year. Lower overall enrollment partially offset these increases and general inflation is putting pressure on our net operating margin. These budgets reflect the implementation of Values Based Budgeting (VBB) which is comprised of the following four elements in support of our new Vision, Mission, Values and Strategic Plan:
• Instructional Expenses • Non-Instructional Expenses
• Goods & Services • Values Based Fund
Each of these elements require the university to respond to changes in our operating environment including enrollment, general inflationary pressure, and a very strong state and local job market.
We recommend the following motion:
The Board of Trustees of Central Washington University hereby approves the proposed budget for Fiscal Year 2024 as presented. Submitted: Approved for Submittal to the Board:
Joel Klucking, Vice President Business and Financial Affairs
Jim Wohlpart President
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