Colorado Mountain College adopts balanced budget for next year with tuition increases
The Colorado Mountain College Board of Trustees unanimously approved the college’s overall operating and capital budget of $60.6 million for 2014-15 at its meeting Wednesday, June 18, in Steamboat Springs.
The general operating budget of $56.3 million was increased by 1.8 percent from the current year’s budget to reflect inflation.
Linda English, vice president of fiscal affairs, said revenues will match expenses without using any reserve funds. Property owners in the six-county area that helps fund the college will see no changes to property taxes.
About 4,000 students attend the college’s six campuses, and the budget is based on projections that enrollment will increase by at least 2 percent next year and state-based financial aid will grow by at least 50 percent.
English said the amount of financial aid students receive won’t directly correlate with the amount the school receives, as the school will try to reach more students with the additional money.
Revenues are projected to be higher overall than in the current year by almost $1.5 million, mainly due to increases in state funding and net tuition revenue. After holding tuition rates constant for the last two years, increases of 2 to 6 percent were approved for 2014-15.
Students from within the college’s district will see the lower 2 percent tuition rate increase, while students from out of state will see the 6 percent increase. The school projects its out-of-state students will make up about 17 percent of enrollment next year.
The college currently has 108 full-time faculty and 311 full-time staff. While the college always has some vacancies, English said, no positions are being cut.
Four new full-time faculty will be hired in 2014-15 to provide direct support to students in the classroom, along with a learning management system administrator and a faculty trainer. A new position to support veteran enrollments and transcript evaluation also will be created.
Also at the meeting, the board received an update on its bachelor’s of nursing degree, which the college hopes to implement in the fall.
The school should know within the next few weeks whether the program was approved by the Higher Learning Commission. After a good site visit from the review team, English said, the college has no reason to believe the program won’t be approved, and its budget for next year includes the program.
“It’s a great thing for our community,” she said. “We are very, very hopeful that that will come through.”
Support Local Journalism
Support Local Journalism
As a Summit Daily News reader, you make our work possible.
Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.
Your donation will be used exclusively to support quality, local journalism.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User