Sept. 12, 2024
Dear Campus Community,
At the start of a new academic year, we are at a pivotal moment in our 22-year history. We must confront critical operational decisions as we face financial challenges due to lower enrollment, increasing expenditures, and decreased state funding; these continue to impact our budget in 2024-25 and beyond. The purpose of this 2024-25 budget memo is to share: 1) how the general operating fund performed in 2023-24; 2) what is planned for 2024-25; and 3) what is anticipated in 2025-26. My purpose is to provide high-level context for our general operating fund budget as we start a new fiscal year and budget planning cycle. An overall campus budget plan inclusive of other funds (i.e., designated fees, lottery, auxiliaries) will be provided in the upcoming weeks and will break down the general operating budget further.
Please take a few minutes to read through my 2024-25 Budget Memo. (, 915KB)
Sincerely,
Richard Yao
President