When most students think about how to budget their funds, their biggest decision usually comes down to how much to spend on food or alcohol. However, if that decision involved $147 million, the process would be more complicated.
Vice President for Finance and Administration and University Treasurer William Lucas completed the last step of that process when he presented the budget to student leaders earlier this week, a University tradition for the past 20 years. The budget for the fiscal year 2009 was approved by the Board of Trustees on March 27.
Among the changes, tuition rose from $33,340 to $35,510, a 6.5 percent increase. The total budget will gain about $8 million for next year on the expense side, with a $10 million increase in operating revenues. Lucas, along with University President Fr. Jeffrey von Arx, presented the budget to students. He said he views the increase as an accomplishment, given the current economic condition and the University’s competing schools. Quinnipiac raised tuition by 7.6 percent and Villanova by 7.7 percent while tuition for Holy Cross and Loyola Maryland both increased by 6 percent.
Room and board saw about a four percent increase, from $10,430 to $10,850 for students living in traditional residence halls. Those living in apartments will have to pay $9,100, up from the previous $8,750. The townhouse fee also increased from $8,480 to $8,820.
The budget is based on an approximation of student population and expenses. The University Budget Committee assembled the budget before it was presented to the Board of Trustees for approval.
The committee, which is comprised of staff, faculty members and a student representative, hears presentations from different departments in the fall on their individual requests. They then hold an open hearing in November and receive written request from individuals.
“Mainly tuition was the key factor from the student perspective,” said Kevin Love ’09, the student representative on the committee. “I just thought about my parents when they talk about how much to increase.” Love said he spoke with some of his close friends to seek the varying perspectives of students on what they want.
According to Lucas, the budget committee tries to appease as many as possible. “Probably the hardest part is trying to produce a budget while taking everything into consideration,” said Lucas.
Nearly $1.5 million was granted toward new divisional requests.
“When someone comes to us and says Fairfield should have this and that, [they] are in a way saying ‘please increase my tuition’,” said von Arx.
One of the goals undertaken by the committee was to maintain a moderate increase in undergraduate tuition, according to Lucas.
“Father von Arx challenged the committee in keeping the tuition low while increasing financial aid, in order to support diversity initiatives,” said Lucas.
In response to a question asked on the Bridgeport scholarship plan, von Arx said the University currently has five students in each class that qualify, and he expects that the number will not increase by an amount that will greatly affect the financial aid cost.
“It is much easier for kids to come to Fairfield now than it was many years ago,” said von Arx.
Financial aid saw an 11.72 percent increase, with the total financial aid funding increasing from about $31 million to about $34 million.
Lucas also said that the budget was subject to much of the uncertainty in the countries’ economy.
“Our bonds have stayed at a AAA rating,” he said. “Most of the increase remains for expansion while another component is the rise in inflation.”
The bonds saw more than a one percent increase or $1 million.
Most of the expenses still go toward the compensation, with fees for faculty and staff taking up 58.2 percent of the total expenses.
Lucas attributed the increase in tuition, after factoring in the faculty compensation and the cost of living in room and board fees, to the fact that “Fairfield remains an expensive area of the country.”
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