WV Press Release Sharing
HUNTINGTON, W.Va. — The Marshall University Board of Governors today approved the university’s budget for fiscal year 2023-2024, which includes a 2.5% increase in tuition and fees for resident and non-resident undergraduate and graduate students, as well as an 11% reduction in tuition and fees for students identified as residents of the designated metro counties in Ohio and Kentucky.
The double-digit reduction for the metro region brings the tuition more in line with in-state tuition offered at schools in the region and compliments the previously approved expansion into additional Ohio and Kentucky counties.
Chief Financial Officer Matt Tidd said the university must enroll slightly fewer than 100 metro students to offset the fee reduction. The hope is the more competitive tuition will attract additional students from the region.
The approved fiscal year 2024 budget includes projected revenues of almost $314 million and projected expenses of almost $342 million and includes a $37.2 million athletics budget. The university is facing nearly a $28 million deficit, but Tidd said they are planning several initiatives to narrow the gap including continuing to grow research grants and enrollment, as well as introducing a “Save to Serve” culture to eliminate waste and inefficiencies through a shared governance accountability model and investing in e-procurement capabilities.
University employees are also expected to receive a nominal pay raise of $1,350.
In other financial action, the board approved restructuring of the Provident debt portfolio which will reduce financial pressures on the project and in turn minimize future price increases and university exposure.
Additionally, the board approved a resolution to allow the university president to execute contracts with coaching personnel.
Following executive session, the board returned to authorize the naming of several areas in the new Brad D. Smith Center for Business and Innovation and Corbly Hall, and a name change for the Robert C. Byrd Institute, as well as permitting the president to execute a letter of intent, along with Marshall Health and Mountain Health Systems, to form an integrated academic health system with the Joan C. Edwards School of Medicine.