Ithaca College

Posted on behalf of President Tom Rochon and Interim Vice President for Finance and Administration Janet Williams.

At its recent meeting, the Ithaca College Board of Trustees approved the operating budget for the 2017–18 fiscal year.

The $234.5 million revenue budget represents a 1.6% decrease compared to 2016-17. The decrease is due primarily to the fact that the larger-than-usual class that arrived in fall 2013 will graduate in May of this year. As a consequence, even if fall 2017 enrollment targets are met our overall enrollment is expected to drop, resulting in lower revenue.

As announced last October, we have been able to cut the rate of tuition, room, and board increase to historic lows, with the 2.45% rise planned for next year representing the smallest percentage increase in at least 70 years. The combined total cost for the student in a standard double room with corresponding board plan for next year will be $58,158. 

The value of an Ithaca College education stems from educational excellence that is student-centered, academically rigorous, inclusive, and affordable. As the Institutional Effectiveness and Budget Committee (IEBC)--a committee of faculty, staff, and students--took on the task of creating the budget and ensuring that it matches up with the institutional goals, two overarching tenets drove its deliberations: student success and affordability. The committee focused on a number of measures designed to improve responsiveness to student needs and student success. Our commitment to remaining affordable is underscored by inclusion in the college’s budget of over $120.5 million for institutional financial aid, the highest amount ever.

One of the elements of the budget that is of greatest interest to faculty and staff is the salary increment pool. The salary pool increase will be up to 2.50%, with 1.75% allocated for full general merit and up to .75% allocated for additional merit. In an effort to attract and retain talented faculty and staff, the college continues to provide a compensation pool that is fully competitive with the market with respect to salary and very strong in the market with respect to benefits. Salary and benefit costs account for $136 million, representing 58% of the operating budget total.

We believe that the operating budget approved for the coming year effectively continues our commitment to containing costs to students while remaining a highly desired employer for faculty and staff. The full budget book will be posted online no later than March 15. If you are interested in learning more about the 2017–18 budget, please attend the “Dollars and $ense” meeting on Wednesday, March 29, from 9 to 10 a.m. in Emerson Suite B.