This document presents the projected unrestricted sources of funds and expenditures of The Ohio State University at Newark budget for the fiscal year beginning July 1, 2017, and ending June 30, 2018 (FY2017). The budget of $24,580,784 supports the priorities outlined in the university’s Strategic plan, Time and Change. It will provides inclusive access and an excellent and affordable education which is core to the university’s mission as a public land-grant university. Aligning our budget resources with our strategic priorities is key to achieving our vision to prepare every student to be an engaged citizen in a global society. Healthy enrollment in FY2017 and a solid projection for FY2018 support strong tuition and fee projections for our …show more content…
Additionally, stipends will be made available for faculty members who serve as mentors. The additional revenue we anticipate because of our strong enrollment permits an increase that will allow us to modestly enhance compensation for our faculty and staff. A new line item has been created for future debt service. In the planning for the Science and Technology Building, it is projected that the business plan would necessitate borrowing from the University. This line item would service that borrowing. Additionally, a number of operating reductions were realized in the budget that provides evidence that the campus is seeking operational efficiency savings wherever possible. The importance of safeguarding our resources is recognized in this budget through the preservation of our capital budgets, which addresses deferred maintenance and provides for a technology refresh. Our physical facility and technological infrastructure are critical to the campus’s foundation. Two examples of projects in this area include computer and classroom technology refreshes, equipment replacements, and building maintenance. It is also important to note that the University increased its service charge rate which will result in a significant increase in the cost of central shared