2022-23 Budget Approval
Based on my recommendation given the fall 2022 enrollment expectations and underlying budget implications and needs, the Board of Trustees yesterday unanimously approved the proposed 2022-23 budget for Winthrop. 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. (More to come on planned initiatives in upcoming communications.)
The approved operating budget totals $115M in annual revenues while expenses and net transfers total $123M, equaling an $8M deficit. It is important to note that approximately $5M of the $8M deficit are planned investments in classrooms and technology ($2.9M), grounds ($750K), auxiliary projects ($500K), and marketing funds ($300K) that we have budgeted for through savings in past years. The remaining $3M deficit is an approved use of net position by the Board of Trustees to cover annual operating costs and FY21 rollovers, as we continue to right size the university to match current and anticipated enrollment numbers.
I am grateful we have the ability to handle an $8M deficit, thanks to financial management efforts over the last few years and an unrestricted net position balance of $43M. Please see attached an overview of the budget information prepared by CFO and Vice President for Finance and Business Affairs Justin Oates.
Other Board Action
The board also voted to proceed with capital projects supported by the State of South Carolina’s 2023 Budget which includes: $9M for Sims/Dalton, $5M for Dacus/Dinkins, $9M for general renewal and replacement, and $6M for the demolition of Wofford and Richardson residence halls. We deeply appreciate the funds from the State for these projects which will go far in helping us meet campus infrastructure needs to attract and retain future students.
Among the contracts approved by the board were the Watermark Student Learning and Licensure renewal for the Richard W. Riley College of Education, as well as contracts for janitorial and grounds services to supplement the work of our internal facilities staff.
Finally, the Board of Trustees voted to approve changes to its bylaws to provide clarity in some areas and to ensure the language is both appropriate and consistent with the goals and policies of the board.
Thank you for your interest in the activities of the Board of Trustees.
