Grand Valley State University's Board of Trustees approved the university's operating budget for the current fiscal year at its meeting today.
"With this budget, Grand Valley will remain one of the most cost-effective universities in the state," noted President Mark A. Murray. "This has been a long-term hallmark of Grand Valley and this budget keeps that commitment firmly intact."
The overall cost of operation will increase just 3.8 percent per student under this budget. This makes the average increase in operational cost 2.3 percent per student over the past four years. Total cost of operations per student will be approximately $10,186 next year.
The budget assumes the amount of state funding included in the Executive recommendation for higher education. While both the House and the Senate have indicated a commitment to a new method of determining university funding, their deliberations have not been completed.
The Executive proposal of $56.8 million to Grand Valley is equal to $2,844 per student -- the lowest among the state's 15 public universities. This represents a decline of 6.2 percent per student from the prior year. Although the freshman class is expected to be the same size as prior years, better retention and additional transfer students have increased the overall enrollment that must be supported by this declining support from the state.
In adopting the university budget, the Board of Trustees accepted a recommendation from President Murray to raise tuition for the next academic year by 7.6 percent. That means tuition for a full-time Michigan resident freshman will go up just $219 for a total of $3,110 per semester.
If Grand Valley receives higher funding when action on the state budget is completed later this year, Murray said the administration would look at adjusting financial aid to reduce the net tuition cost.
"Students at Grand Valley can be assured that they are getting an outstanding educational value for their tuition dollar," said Board Chair Jessie F. Dalman. "No one likes to raise rates," Dalman said. "However, we have an obligation to our students to ensure that they can enroll for the classes they need in order to graduate on time. Today's budget helps us achieve that important objective."
