Meeting notes from May 2
The budget work group met Friday, May 2 to review the FY15 budget that was submitted and approved by the board of governors. During the meeting, the BWG discussed the process of reaching a balanced budget including the use of one-time funds. The group was reminded there is still a lot of work to be done before creating a FY16 budget.
This led to a reminder of the budget work group’s purpose and responsibilities including going back to individual departments and relaying the information shared in these meetings.
The BWG discussed a timeline for completing the FY16 budget and developing recommendations on a new budget model. A variety of principles to be considered during the process included:
- Avoiding another tuition increase
- Multi-year implementation plan for the new budget model
- Continuing to work on the salary increase plans
Although the BWG believes a hybrid model is what is needed at Marshall moving forward, the group feels exploring budget models in use at various institutions would be beneficial to creating the new model.
The group will continue to meet bi-weekly throughout the summer.