During the June meeting of the University of Colorado Board of Regents in Pueblo, the Regents approved the annual campus budget, the creation of a new Bachelor of Arts in Visual Art and Master of Science in Aerospace Engineering.
UCCS Budget
The Board of Regents approved a nearly $6.3 billion budget for the entire CU System for fiscal year 2024-25, which included $358.1million in overall budget for UCCS. It includes a 3% tuition increase for resident students, a 4% tuition increase for nonresident students, a 2% compensation merit pool for faculty and university staff making less than or equal to $85,000 and a 1% merit pool for faculty and university staff making more than $85,000, contingent on meeting revenue thresholds.
CU’s 2024-25 budget by campus:
- CU Boulder, $2.45 billion
- CU Colorado Springs, $358.1 million
- CU Denver, $394.0 million
- CU Anschutz Medical Campus, $3.08 billion
- CU system administration, $289.5 million
Overall enrollment at UCCS this fall is expected to be flat, but nonresident graduate enrollment is projected to increase by 1.4%. With increased competition for resident undergraduate students, Deans, enrollment management and student affairs staff are working together to develop new enrollment strategies.
- Of the total budget for the UCCS campus of $358.1 million, $186.4 million, or more than half the budget, is the general fund, which includes $51.6 million of state support (just over 14% of the total budget).
- Auxiliary funds (coming from activities such as housing and dining) account for almost one third of the total budget at $107.3 million.
- Restricted funds (such as grants, gifts, and contracts) account for 18% or $64.5 million.
- Of our $186.4 million general funds budget, more than 70% comes from resident and nonresident student tuition and fees, with the balance coming from state support, as previously noted.
The full budget presentation can be found here.
“It’s important to note that state funding and tuition rate increases do not cover mandatory cost increases or service level expectations,” said Kathy Kaoudis, Vice Chancellor of Administration and Finance. “Costs continue to increase at rates higher than projected revenues, resulting in a budget shortfall and requiring $4 million in budget cuts for FY 2024-25. The Chancellor, Vice Chancellors, Deans, colleges and units reviewed the priorities within their respective areas and developed their budget reductions including eliminating vacant positions, voluntary retirement incentives, reorganization/restructuring, reductions in operating expenses, and isolated reductions in filled positions.”
Bachelor of Arts in Visual Art
The Regents approved a new Bachelor of Arts in Visual Art within the College of Letters, Arts & Science.
In the documentation provided to the Regents, the leadership of the UCCS Visual Arts program noted that the implementation of a visual art-centered bachelor’s degree is vital to address recruiting and marketing, stronger career development, student retention, graduate program preparation, and to create a more level playing field to compete with regional institutions for future student enrollment growth.
This would also allow VAPA students to double major within VAPA (e.g. Art History and Visual Art, or Visual Art and Film Studies). The Visual Art Program’s existing curriculum already meets the requirements for this degree.
Master of Science in Aerospace Engineering
The Regents also approved the new Master of Science in Aerospace Engineering within the College of Engineering and Applied Science. Aerospace engineering, as a discipline, is a combination of aeronautical engineering and astronautical engineering.
In the Fall of 2022, the Department of Mechanical and Aerospace Engineering launched a new Bachelor of Science in Aerospace Engineering (BSAE) to complement the extant Bachelor of Science in Mechanical Engineering and the Minor in Aerospace Engineering.
The new Master of Science in Aerospace Engineering degree program will build on the existing Master of Science in Mechanical Engineering to provide an alternative for students targeting the aerospace industry for future employment, or who are already working in an aerospace engineering position and wish to augment their education in the field.