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FMU trustees approve $50.5 million budget

FLORENCE – The Francis Marion University Board of Trustees adopted a $50.5 million operating budget for the university’s 2012-2013 fiscal year during its quarterly meeting Friday (June 15) that included an increase to tuition and all other University fees of three percent per semester. 

The tuition increase will yield $1 million in new revenues.   

State appropriations were reduced by $4.2 million in 2008-2009 and nearly $1.3 million in 2009-2010. They were reduced by an additional $2.8 million for 2010-2011. State appropriations for 2011-2012 were five percent less than in 2011-2012, yielding a state appropriation of about 17 to 18 percent compared to 65% to 68% in the previous decade.

FMU’s approximately $50.5 million projected budget includes a base state appropriation of $10.8 million, $35.6 million in student fees, $2.4 million in other revenue, and $1.6 million in non-recurring revenue. The largest part of the budget goes for personnel costs of $37.7 million and $11.1 million for operating expenses. Planned projects are estimated at $1.6 million. 

In other business, the trustees approved a resolution for a revised mission statement for FMU. 

#125 / 6-18-12

Last Published: July 5, 2012 8:25 AM
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