Long story short
LSCS’s FY 2024-25 budget includes $54.4 million in total new revenue, including $1.1 million due to enrollment growth, as previously reported by Community Impact.
According to Aug. 1 meeting documents, the FY 2024-25 budget also includes:
- $513.1 million each in total revenues and total expenditures
- $113.6 million in state revenue, which reflects a 16% year-over-year increase
- $155.5 million in student revenues, which represents an increase of less than 3% year-over-year
- A cash reserve balance representing about 32.9% of expenditures
According to June 6 meeting presentation materials, additional highlights of the FY 2024-25 budget include:
- A $13.4 million increase in revenue from property taxes, representing a 10% spike compared to the FY 2023-24 budget
- $4.1 million in budget reductions, including for pay contingency adjustments and equipment
- About $5 million budgeted for inflation
- $120,000 dedicated to increasing compensation for campus presidents
- $35,000 to be invested in new security cameras to enhance campus safety
On June 6, LSC’s board of trustees held its first budget workshop for the proposed FY 2024-25 budget. The budget will include $7.9 million more in tuition revenue compared to the FY 2023-24 budget after trustees approved tuition increases on March 7, according to June 6 presentation materials.
Also of note
Final certified property values, used to calculate LSCS’s annual tax rate, have not yet been received, according to Aug. 1 meeting documents.
LSCS officials are expecting to propose a total tax rate of $0.1076 per $100 valuation for FY 2024-25, which is the same as this fiscal year’s tax rate, as previously reported by Community Impact. The median tax rate among college systems statewide is $0.1461, according to LSCS presentation materials.
