Adams State Board of Trustees approve FY2024 budget
ALAMOSA — The Adams State University Board of Trustees adopted a $73.7 million operating budget for fiscal year 2023-24 on Thursday.
The budget is highlighted by a zero percent increase for undergraduate tuition and mandatory fees; compensation increases for faculty, exempt, and classified staff; and an 11.5 percent increase in funding from the State of Colorado over last year’s allocation.
“We were able to effectively hold the line on undergraduate tuition based on the investment from the state as well as positive enrollment projections,” noted Michele Lueck, Chair of the Board of Trustees. “The Board’s finance committee teamed up with university administration to do a masterful job in putting an aggressive, yet thoughtful, budget process in place to benefit our students, faculty, and staff.”
Tuition for undergraduate resident students will remain at $253 per credit hour. Graduate level courses will see a two percent bump (approximately $9 per credit hour) for most offerings which brings it more in line with many other master’s and Ph.D. degree programs in the state.
“The small graduate tuition increase ensures tuition for graduate students is still among the most affordable in the country, let alone the state,” added Margaret Doell, M.F.A, acting vice president for academic affairs.
Eight percent (8%) average increases for faculty and exempt staff were approved by the Board. This significant increase reflects both cost of living and market salary adjustments. Classified staff will see a base increase of five percent (5%) as directed by the State legislature and in accordance with the recently negotiated union partnership agreement. Some ranges within the classified system will see increases above the 5% to improve the “living wage” level of these positions, plus increases to minimum salary ranges. Additionally, it is anticipated the State legislature will implement a “steps” salary system for classified staff next year, which will increase salaries based on time and service formulas negotiated in the union partnership agreement.
With summer courses currently underway, the University’s fall semester will begin Aug. 21.