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March 1, 2004, Vol. 3, No. 4
The 2004-05 Budget
Budget streamlines operations and provides money for full-time faculty and 3 percent merit raises
The Santa Clara University Board of Trustees adopted a $242 million operating budget for the 2004-05 fiscal year at its Feb. 20 meeting, a 7.9 percent increase over the current year.
The budget provides for merit pay increases for faculty and staff averaging 3 percent. Market and equity salary adjustments are funded at $600,000. Despite increased costs to the University, health plan premiums will remain unchanged from this year.
The 2004-05 budget provides for improvements in instructional quality by setting aside funds for hiring more full-time faculty in the future. It also includes additional funding for information technology and for rebuilding reserves. The budget sets undergraduate tuition at $27,135, a 7 percent increase over the current year.
Cost-efficiency ideas sought
The budget calls for streamlining and operational cost reductions of $1.8 million over the next two years. The Budget Advisory Committee is inviting cost-efficiency recommendations from campus.
The University will investigate such measures as savings in workers' compensation via self-insurance and savings in fees paid to credit card companies for student tuition payments. While there will be no hiring freeze or across-the-board layoffs, some employee attrition through resignation or retirement or some consolidation of positions is possible in the coming year.
"This is a responsible budget that protects the high quality of education and services that Santa Clara University delivers to students at the same time as it preserves our fiscal stability," said Vice President for Administration and Finance Robert Warren.
Long-term outlook good
"Although we still face some difficult financial choices, this was a good year for our endowment, which increased 21 percent in the last calendar year," Warren said. "The long-term economic outlook for SCU is bright."
The 2004-05 fiscal year is expected to be a good year for undergraduate student recruitment, in light of the fact that the University has received a record number of applications for admission. Applications are running 18 percent ahead of last year. Approximately 7,600 students have applied, as of late February.
For more information on the 2004-05 budget, the PowerPoint presentation from the Feb. 26 budget forum is available for campus users at http://www.scu.edu/finance/scuonly/forum2_04.pps
To send in your ideas for cost efficiencies for 2004-05, use the e-mail form below: