After a work session throughout the day discussing the budget, Northwest Board of Regents voted unanimously to approve the budget for fiscal year 2023 with a total expense of $108.4 million.
Stacy Carrick, vice president of finance and administration, presented the budget which includes an overall 4% increase of total expenses and 4% increase in total revenue from fiscal year 2022.
Carrick said the projected enrollment headcount has seen a slight decline, falling to 8,291. She said this decrease impacted housing contacts, decreasing by 11.1%. Meal plans by minus 12.3% compared to the fiscal year 2022 budget.
Despite a fall in the number of housing contracts, Carrick said there will be no change in room rates compared to the prior year. There will be a 7.7% increase for the meal plan rates with a decrease in food revenues by 4.0%
The budget also included a pay increase for Northwest faculty and staff. Salary will increase by 2% based on the cost of living adjustment and $15 per hour base pay for eligible employees.
“We would like to do more, however, when we look at it and think long term, one of the challenges is we want to be viable into the future,” Carrick said, “I do know that the Leadership Team spent a lot of time this year evaluating that and looking at that.”
After the 2.0% pay increase, if there are any faculty or staff that are below the base pay of $15 per hour pay, the salary will increase to the base pay. Any new employees that are hired for full-time positions will also receive the increase.
The budget includes a faculty overload pay increase to $900 per credit hour. This is a $100 increase per credit hour from previous years.
“[Faculty overload pay] has not been increased since I came [to Northwest] 12-13 years ago, so there is another area of opportunity to take care of those who take on more responsibility,” Carrick said.
Regent Chair John Moore and Vice President of Culture Clarence Green recommended Diane Hargrave to be secretary. The Regents voted unanimously to approve Hargrave as secretary.
The Board of Regents unanimously voted Stacy Carrick as the treasurer. Carrick has served as the treasurer for over a decade.
The Regents reelected Moore as Chair of the Bard in an anonymous 4-2 vote. Moore said his intentions are not to stay for more than one year from now. He will stay on the board until his replacement is named or a president is named. Moore will complete his term on the Board of Regents Jan. 1, 2023.
The Board of Regents reelected Regent Roxanna Swaney as Vice Chair in a unanimous vote.
The Board of Regents approved the Presidential Search Process which outlines seven topics and timeline for the search of the new Northwest President.
The Board nominated Regent Mel Tjeerdsma and Regent Deborah Roach as the at-large Chairman to represent the Board of Regents on the Presidential Search Committee alongside Chair Moore, Vice Chair Swaney and both committee chairs. Roach and Tjeerdsma abstained from voting. The regents voted 3-1 for Tjeerdsma.