Net tuition and fees revenue in fiscal year 2020 was $114,749,020. In fiscal year 2023, that number was $92,254,915, a decline of $22,494,105 (19.6%). While it is also true that state appropriations rose over that same period by $7,740,082, this increase was due primarily to legislative salary increases for faculty and staff (essentially a pass through) and earmarks for special and capital projects (e.g., Jackson Library, Chiller Plant, other repairs and renovations). These funds cannot be redirected to academic programs. We are not in a “rainy day” situation. Our enrollment declines are not temporary. If we attempt to cover deficits with reserves without taking additional action, we will soon burn through our reserves, leaving us with ongoing deficits and no way to meet unexpected expenses. We will be worse off in the medium and long terms, not better. We maintain a positive bond rating precisely because we have been, and are, managing our finances responsibly by implementing changes and necessary improvements.
