FAIRBORN, Ohio (WDTN) — Wright State University will be back in the black for 2018.
University President Dr. Cheryl Schrader says WSU is projecting a $7.2 million budget surplus when the 2018 fiscal year ends June 30th.
Schrader says these funds will be used to rebuild the university’s reserves.
Wright State made steep budget cuts due to a $38 million budget deficit in 2016 and a $24.6 million deficit in 2017.
In a letter to the university, Schrader said, “The turnaround is the result of hard work, difficult decisions, and sacrifices by everyone in the Wright State family.”
Schrader says the projections take into account summer enrollment. She adds non-compensation spending and medical claims are both under budget at this time as well.
According to Schrader, Wright State has reduced expenses by an estimated $50 million for the 2018 fiscal year.
Schrader says the university’s reserves are “critically low.” She hopes recent cuts will help the university avoid a fiscal watch.
The Wright State Board of Trustees has not approved the budget for the 2019 fiscal year.
According to Schrader the proposed budget projects revenue of $274.7 million, which includes $162.2 million from tuition and $84.6 million from the state. That compares to previous revenues of $306 million in fiscal 2017 and $287 million in fiscal 2018.
Expenses in fiscal 2019 are expected to total $271.7 million, leaving the university with a $3 million surplus, which Schrader says will be used to rebuild reserves.
Schrader says the budget does not include any increases in salaries and wages except for promotions.
According to Schrader, the preliminary budget has no tuition increases for resident undergraduate students and a three percent increase for graduate students and non-resident under-graduate students.
Wrght State cut 71 jobs and left 107 positions vacant in 2017 in an effort to balance its budget.