The big picture
Jennifer Mott, chief financial officer for Lone Star College, gave the first report and presentation on the college's budget breaking down the proposed budget, tax rate, funding sources, expenditures, tuition and tax exemptions for FY 2023-24.
- 49% of revenue to come from local taxes, 30% from student revenues, 19% from state
- Proposing to lower tax rate from $0.1078 to $0.1076
- $39 million in new revenue expected in FY 2023-24
- $461 million in revenue for FY 2023-24
- $465 million in expenditures FY 2023-24
- Enrollment is expected to grow by 3%.
- Proposed 7% increase in homestead exemption
- $7 million-$9 million in potential additional state funding
In March, the Lone Star College Board voted to raise tuition starting in fall 2023. According to previous Community Impact coverage, tuition will increase across in- and out-of-district tuition, out-of-state tuition, and dual credit tuition. LSC Chancellor Stephen Head said the increase is used to equalize the percentage of the budget that students and taxpayers pay in a fiscal year.
- In-district tuition increased from $96 to $103 per credit hour from 2022 to 2023.
- Out-of-district tuition increased from $214 to $231.
- Out-of-state tuition increased by 7.8%.
- Dual-credit increased from $26 per credit hour to $40.
- $12.3 million of the $39 million in new revenue came from the tuition increase
Mott said the electronic budget detail will be released July 27 ahead of adoption of the budget and tax rate in August and September.
- Before July 1, adopt tax exemptions
- Aug. 3, adopt FY 2023-24 budget
- Sept. 7, propose tax rate
- Oct. 5, adopt tax rate
