The 2024 fiscal year budget includes $292 million in operating expenses, a 3.4-percent increase from the 2023 fiscal year, and $130 million in operating revenues, a 4.4-percent increase from the 2023 fiscal year. The deficit will be funded by a $162 million draw from the College’s endowment, a 2.7-percent increase from the 2023 fiscal year. The Board of Trustees approved the budget at its April meeting. Strains on the College’s revenue have prompted a series of spending cuts. Last fall, the College told budget managers to identify cuts of 15 percent to their budgets — expenses that cover food served in dining halls, books and supplies in libraries, and miscellaneous spending by academic departments. All managers successfully made these cuts, Vice President for Finance and Operations Mike Wagner told the Record in April. Managers’ cuts reduced expenses in the final budget by roughly $9 million.
