The gist
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. The budget will also include $54.4 million in total new revenue, including $1.1 million due to enrollment growth.
LSC 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. The median tax rate among college systems statewide is $0.1461, according to LSC presentation materials.
By the numbers
According to meeting presentation materials, highlights of the proposed 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 $513 million each for total revenues and total expenditures
- About $15.9 million in proposed personnel and compensation increases
- $120,000 dedicated to increasing compensation for campus presidents
- About $5 million budgeted for inflation
- $35,000 to be invested in new security cameras to enhance campus safety
On March 7, LSC trustees unanimously approved the following tuition rate changes:
- In-district tuition increased from $103 per credit hour to $111 per credit hour
- Out-of-district tuition increased from $231 per credit hour to $249 per credit hour
- Out-of-state/international tuition increased from $290 per credit hour to $313 per credit hour
- Dual-credit tuition increased from $40 per credit hour to $43 per credit hour
Stay tuned
LSC trustees will consider formally adopting the college system’s FY 2024-25 budget on Aug. 1 and the annual tax rate on Oct. 3.
