ROCK HILL, SOUTH CAROLINA – The Winthrop University Board of Trustees unanimously approved a $115 million budget for the 2022-23 year at its Sept. 27 online meeting.
Members accepted President Edward Serna’s budget recommendation which took into account the fall 2022 enrollment expectations and underlying budget implications and needs. “After years of enrollment declines and two particularly tough enrollment cycles, we must look to new strategies to address Winthrop’s loss of market share and the increased cost of doing business,” Serna said.
The approved operating budget contains $115 million in annual revenues with expenses and net transfers totaling $123 million, equaling an $8 million deficit. Serna said it is important to note that about $5 million of the $8 million deficit are planned investments in classrooms and technology ($2.9 million), grounds ($750,000), auxiliary projects ($500,000) and marketing funds ($300,000) that Winthrop has budgeted for through savings in past years.
The remaining $3 million deficit will draw from the university’s reserves. “I am grateful we have the ability to handle an $8 million deficit, thanks to financial management efforts over the last few years and an unrestricted net position balance of $43 million,” Serna said.
Other Board Action
The board also voted to proceed with capital projects supported by the state of South Carolina’s 2023 budget which includes:
· $9 million for Sims/Dalton Hall renovations
· $5 million for Dacus/Dinkins improvements
· $9 million for general renewal and replacement
· $6 million for the demolition of Wofford and Richardson residence halls
Several contracts were also approved by the board including the Watermark Student Learning and Licensure renewal for the Richard W. Riley College of Education and contracts for janitorial and grounds services to supplement the work of the university’s internal facilities staff.
Board of Trustee members also voted to approve some tweaks to its bylaws to provide clarity in some areas.
For more information, contact Judy Longshaw, news and media services manager, at longshawj@winthrop.edu or by calling 803/323-2404.
