The Adams State University Board of Trustees adopted a $70 million operating budget for fiscal year 2022-23 on Friday, May 27. The new budget further strengthens the University’s financial position, currently ranked in the top tier of the Composite Financial Index, a measure of financial health used widely throughout higher education. The budget addresses compensation for faculty and staff with a three percent across the board pay increase while also budgeting additional salary increases for eligible exempt staff positions (which follows last year’s budgeted increases for faculty).
The fiscal year 2022-23 budget will see a modest increase in tuition, $4 per credit hour for in-state students and $11 per credit hour for out-of-state students, and a 3 percent increase in housing rates.
“With the due diligence of President Lovell, the budget and finance office, and the buy-in of the entire campus community, we are able to maintain a radically affordable living-learning environment and look to retain some of the top professors and staff in the state and region,” noted Michele Lueck, Chair of the Board. “Although there are small increases in tuition and housing, this gives the university flexibility for strategic investments on campus, including housing.”
Also included during the meeting was the Board’s approval for state-funded capital projects requests to include an annex to the Computing Services Building and a replacement for the University Facilities Building (located on the corner of First Street and Murphy Avenue).
“This budget and our growth plan keeps Adams State as the most affordable four-year residential college in the State of Colorado when considering tuition, fees, room, and board,” added President Cheryl Lovell, Ph.D. “As I enter my fifth year, I can confidently say this University is in solid financial shape and our growth potential has never been better.”
With summer courses currently underway, the University’s fall semester will begin August 22, 2022.
