YSU Budget Includes Tuition Fee Increase | News, Sports, Jobs
YOUNGSTOWN – The Youngstown State University board has approved an operating budget of $ 172.6 million for fiscal year 2022, which includes a modest increase in tuition fees.
Incentives to attract more students to the university were also discussed at the quarterly council meeting on Tuesday.
These come against the backdrop of a budget projection showing a 5% decrease in enrollment and an estimated $ 5.3 million drop in tuition fees – largely due to the population decline in the region. Mahoning Valley and the uncertainty associated with the COVID-19 pandemic.
The council also adopted a series of recommendations to optimize the university’s academic programs, including more than a dozen that have growth potential.
Officials have approved a tuition hike of about 0.9% per year over four years for new freshmen in YSU’s Penguin Promise program, which will offer a fixed tuition rate to students during their four years at school. YSU. The increase will also mean about $ 1.6 million in additional annual revenue for the university, explained Neal P. McNally, vice president of finance and operations.
“This budget allows us to keep tuition fees among the lowest in the state”, McNally said, adding that YSU’s tuition fees are the third lowest among Ohio universities.
In an effort to help students who live a considerable distance from YSU with their tuition fees, administrators have merged two non-resident surcharges for those living out of state.
The additional charge was $ 15 per credit hour for students who live in the counties of Pennsylvania that border Ohio; those who lived farther away were paying $ 250 per credit hour, but now all out-of-state students will pay the lowest rate, McNally noted. He estimated the move will affect around 650 students.
The university has also received around $ 64 million in federal COVID-19 relief funds, more than half of which is intended to provide financial assistance to students, he continued. One-time use of part of the money, combined with a transfer of $ 1 million from YSU’s reserves, is also part of the plan to balance the budget.
Trustees also approved several recommendations for YSU’s first comprehensive review of its university programs in more than 20 years.
The review, which spanned several months and is part of the university’s strategic action plan to support our future, identified programs that have the potential to grow, as well as those that may need to be adjusted to determine their viability.
With that in mind, the university hired a Cambridge, Massachusetts-based analysis and consulting firm to work with staff to evaluate each program based on student interest, competition, the economy, available jobs and how they align with YSU’s mission for student success.
Board of Directors received updates regarding YSU’s Training Center of Excellence, a $ 12 million, 54,000 square foot research, workforce training and innovation center , which will open on July 26. The ETC, located at Fifth Avenue and Commerce Street, has advanced manufacturing as its primary focus. and will house $ 8-10 million of such equipment, David Sipusic, executive director, told the directors.
“The roots of this region are in manufacturing, so we are looking to the future”, said Sipusic, who recalled the demise of the region’s major steel plants in the 1970s and 1980s and hopes the facility will encourage more people to stay in the valley after college for high-paying jobs and a workforce. stronger work.
To this end, the ETC, which has also partnered with Eastern Gateway Community College, Youngstown Business Incubator, America Makes, and vocational and technical centers in the region, will be hosting several youth camps this summer. Much of the plan is to introduce young people to some of what this field has to offer, he continued.
About $ 7 million for the ETC project came from the state’s capital budget and the remaining $ 5 million from the US Department of Commerce, Sipusic noted.
Several administrators presented University President Jim Tressel with a check for $ 250,000 to establish an endowed graduate scholarship in the new James P. Tressel Institute for Leadership and Teamwork.
The institute is set up to empower students as well as business and community leaders and to support opportunities through workshops, symposia, credit courses and other means to prepare students to become strong leaders, with an emphasis on teamwork.