SUNY Niagara’s operating budget for the upcoming school year has been set at $48.16 million, a more than $1 million increase from last year.
“Most of the increase is directly related to the costs of labor and fringe benefits,” said Vice President of Administration and Finance Wayne Lynch. Compensation accounts for 81% of expenses.
Compared to the $2 million budget increase the school saw in 2023-2024, Lynch said administration was able to manage key expenses such as health care to limit increases. Lower inflation levels limit escalations as well.
The budget was boosted by higher than projected enrollment figures, with President Lloyd Holmes projecting that 2024-2025 enrollment is up 10% compared to the 3,394 students enrolled at this time last year.
The balance of revenue is generated by out-of-county charge-backs, miscellaneous revenue, and use of fund balance.
The SUNY Niagara board of trustees approved the 2024-2025 budget in May and the Niagara County Legislature signed off on it earlier this month. The county will contribute $8.97 million to the college, the same amount as last year.
“Even though we received level funding from the county legislature, nothing was taken away,” Holmes noted during at this month’s board of trustees meeting, adding that the legislature views the college as being fiscally responsible.
The state’s base aid for SUNY Niagara is $10.4 million, as its fiscal year 2024-25 budget maintains the funding floor for community colleges at 100% of prior year funding. The college is also getting $288,000 supplemental funding to support high needs items such as allied health programs.
SUNY Niagara will keep its tuition rates and student fee schedule the same for all students: $2,568 per semester for in-state residents and $5,136 per semester for out-of-state residents. Part-time tuition is also the same: $214 per credit hour per semester for Niagara County residents and $428 per credit hour per semester for non-county residents.
Other mandatory and ancillary fees for students will remain the same.
Capital funding for campus projects is not reflected in the budget.