On Wednesday, the Marshall University Board of Governors approved the university’s 2023-2024 budget.
Tuition highlights include a two and a half percent increase in tuition and fees for resident and non-resident undergraduate and graduate students, as well as an 11 percent reduction in tuition and fees for students identified as residents of the designated metro counties in neighboring Ohio and Kentucky.
Marshall Chief Financial Officer Matt Tidd said the double-digit reduction for the metro region brings tuition for the border university more in line with in-state tuition offered at schools in the region.
Tidd said Marshall must enroll slightly fewer than 100 metro students to offset the fee reduction.
The approved fiscal year 2024 budget includes projected revenues of almost $314 million and projected expenses of almost $342 million and includes a $37.2 million athletics budget.
The university is facing nearly a $28 million deficit, but Tidd said they are planning several initiatives to narrow the gap including continuing to grow research grants and enrollment, as well as introducing a “Save to Serve” culture to eliminate waste and inefficiencies through a shared governance accountability model and investing in e-procurement capabilities.
Marshall University President Brad Smith told the board the school’s ‘value position’ regarding student recruitment is very simple.
“You want to provide access to an affordable, flexible, achievement oriented education for all who aspire to a more prosperous life,” Smith said.
University employees are also expected to receive a nominal pay raise of $1,350.