University budget needs increase
Nevada university officials said Thursday enrollments are ahead of projections again this semester, which will force an increase in their budget for the coming two years of $20 million.
Vice Chancellor Dan Myles said the three-year weighted average developed to predict growth on the system’s seven campuses estimates enrollment will increase 7,774 full-time students between now and fiscal 2005.
Myles said that is 3,955 more full-time students than forecast for the proposed budget.
Under the state’s funding formula, that will increase university and college budgeted for the next two years by $20.9 million.
Myles said $7.7 million would come from student fees. The remaining $13.2 million would have to come from the state general fund.
“We were projected to grow at 6 percent, and we’re now growing at 6.7 percent,” said Myles.
By comparison, the current budget was based on an overall growth rate of 4.3 percent.
The total recommended budget for the university system is $1.26 billion for the next two years. That number is based on funding the academic and instructional support formulas at 86 percent of full funding. In the current budget, the system is funded at less than 80 percent of what the formulas call for.