The Board of Trustees at the University of Vermont has given its approval to a budget for the next fiscal year.
The budget includes $7.8 million in one-time funding, to make up a gap between revenue and expenses. The money would come from reserve funds and from the university’s endowment. The board had previously planned to use $2 million in one time funding.
University Vice President Richard Cate says the remaining shortfall comes from a decrease in the number of enrolling students and different mix of in-and-out-of-state students than expected.
Cate says the high school graduating population in the northeast is declining and more students are staying closer to home.
"A number of the public institutions are seeing their state appropriations decline so they’re starting to look more like us where they’re reaching out more in terms of trying to get out of state students but they’re also offering more financial aid to their in state students to keep them," he said.
Cate says it’s a more competitive environment for colleges and a smaller pool of students to pick from.
The trend means more in-state students are enrolling at UVM. But fewer out-of-state students means less tuition money for the university.
Cate says the shortfall is less than one percent budget. But university officials are exploring options for increasing revenue in the coming years, including expanding international enrollment and distance learning programs.
UVM also received a three percent increase in state funding this year.
