YSU Trustees OK $172.6M Budget, Expect 5% Enrollment Drop
YOUNGSTOWN, Ohio – The Youngstown State University board of trustees have approved a $172.6 million operating budget for fiscal year 2022.
While the budget is up roughly $15 million from the previous fiscal year, the university is projecting a 5% decline in enrollment, resulting a $5.3 million decline in tuition revenue. The drop is attributed “mostly to declining regional demographics and lingering uncertainty related to the COVID-19 pandemic.”
To balance the budget, the trustees’ budget plan calls for transferring $1 million from the university’s reserves and the use of one-time federal COVID-19 relief funding.
“Keeping student costs as low as possible has always been a priority here at YSU,” said Neal McNally, YSU’s vice president for finance and operations, in a statement. “This budget allows us to maintain a tuition that ranks among the lowest in the state.”
The trustees also approved recommended by the first review of academic programs at Youngstown State in more than 20 years. Each academic program at the university as assessed based on student interest, available jobs, competition, program economics and statements from faculty.
The review identified programs that are in position to expand and those that “may require further adjustments to determine their viability for continuation,” the university said in a statement.
There will be more deliberation on the review by the Office of Academic Affairs, with the involvement of the Academic Senate, before board consideration in September.
“YSU, like every academic institution, is facing a confluence of complex market dynamics,” YSU President Jim Tressel said. “That’s why now, more than ever, we need to ensure that our portfolio of academic programs are functioning in the most effective way possible. These recommendations put us on a path that will allow YSU to remain a competitive institution that continues to inspire individuals, enhance futures and enrich lives.”
Copyright 2021 The Business Journal, Youngstown, Ohio.