Ohio University's Board of Trustees approved next year's $684.089 million budget at the board's meeting on Friday.
The general fund budget is essentially flat for this year
said Trustee Larry Schey.
The creation of next year's budget revolved around funding for OU's five-year academic improvement program, he said.
OU will spend $16.7 million on the academic improvement program, which includes funding scholarships and financial aid, increasing student diversity and strengthening undergraduate education, according to a report from the office of Finance and Administration.
Money from the stimulus package passed by federal government will comprise 19 percent of state funding next year, Schey said, adding that the money is a one-time allocation and the university will need to look elsewhere to fund its academic improvement program.
Next year's budget also includes a $1.1 million allocation to Intercollegiate Athletics, aimed at reducing the department's current budget deficit.
Since the state legislature has yet to approve a final budget for next year, the board passed a resolution permitting President Roderick McDavis, with approval from the board's chairman, to adjust OU's budget to reflect the state budget.
Although the state is expected to approve its final budget by June 30, there is still a chance that the state will approve an interim budget, Schey said.
By approving an interim budget, the state would continue to operate under the principles of this year's budget, meaning that OU would not receive an increase in state funding until a final budget is later approved.
The university expects most of its revenue to come from increases in enrollment and state funding.
OU expects university-wide enrollment to increase by 288 students and state funding to increase by about $3 million next year, according to the report.
A majority of the university's expected expenses include employee compensation, funding for its academic improvement program, facilities management and the new student information system.
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Caitlin Bowling
