The UW System reported a $150 million drop in the tuition fund balance in its 2013-’14 fiscal year Program Balances Report, which was released this week.
Program Revenues are composed of funds collected from tuition, residence halls, parking, food and general program operations.
The UW System is required to provide the Board of Regents with estimates of program revenue balances, which will help determine UW System’s annual budget and set tuition rates for the next academic year.
In response to concerns raised by state legislators and the public, the UW System worked with Legislature and its service agencies to create a new system that more clearly reports program balances, according to the report.
“This is an unprecedented level of transparency for the UW System or any State of Wisconsin agency,” according to the report.
The aggregate year-end tuition fund balance dropped by $156.1 million, from $551.5 million to $395.4 million in one fiscal year. Approximately $711 million of the $973 million in total fund balances is scheduled for institution-specific initiatives within the next few years, according to the report.
UW-Madison’s fund balances fell nearly 8 percent from $419.7 million to $386.5 million.
Chancellor Rebecca Blank said in a Monday university press release the university covered the funding gaps left by cuts in the state budget, as requested by legislators. However, she said she does not think further spending is prudent.
The Board of Regents is scheduled to review the report Thursday in Stevens Point.
