Board of Trustees Approves 2023-24 Budget Proposal for Arkansas State

06/08/2023

JONESBORO - Arkansas State University received approval for the university's budget proposal for fiscal year 2024 at the recent meeting of the Arkansas State University System Board of Trustees meeting on June 8.

"I wish we did not need to ask for an increase, but Inflation continues to be a problem for everyone," Chancellor Todd Shields said. "Our employees have worked hard to keep our expenditures low, but the reality is we have seen significant increases in our costs. Even with this increase, A-State remains one of the lowest mandatory tuition and fees among our state's public four-year universities. When you factor in the low cost of living in Jonesboro, we remain one of the best values for our students and their families."

The fiscal year 2024 budget includes a 2% merit salary increase for all non-classified and faculty as well as the funding of promotion, rank, and tenure pay adjustments for faculty. The budget also included additional market adjustments for employees with lower salaries to make their salaries more competitive.

For FY2024, Arkansas State in Jonesboro budgeted $210.9 million, an increase of 1.7% compared with last year, with a 4% increase in annualized tuition and fees.

• At the meeting hosted by ASU-Beebe, Shields gave a brief update on progress toward the development of the College of Veterinary Medicine and that enrollment trends are ahead of last fall. The ASU System Board of Trustees also approved the following A-State resolutions:

• Various capital projects for energy savings at Arkansas State that will be funded by a loan of up to $2.9 million from the state's Sustainable Building Loan Fund at 0% interest.

• Renovation of A-State's Southern Tenant Farmers Museum project at Tyronza with a grant of $1.9 million from the Arkansas Natural and Cultural Resources Council.

• A partnership with the City of Jonesboro and Arkansas Department of Transportation to construct a connector road between Red Wolf Boulevard and Arkansas Highway 351. A-State's contribution will be to provide the right of way necessary on the east side of campus.

• The annual permission for the hosting of various sports camps utilizing A-State campus facilities during the summer months.

• Changes to the Annual Leave Policy in the ASU System Handbook to reflect changes in employee classifications.

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