The St. Mary’s College Board of Trustees approved on Friday, May 13, the graduates of the St. Mary’s College of Maryland Class of 2022, comprised of 351 Bachelor of Arts / Bachelor of Science degrees, and 24 Master of Arts in Teaching degrees. The Board also approved proposed budgets and greenlit a long-range tuition strategy.
Finances
The Board approved the College’s proposed Current Fund (Operating) Budget of $78.3 million for FY23. Revenues in the proposed budget have increased 6.15 % over last year, primarily due an increase in state support and auxiliary enterprise revenues.
The legislature approved the governor’s recommended FY23 operating budget for the College, which provides $32.3 million in state funds, an increase of 9.3% over the FY22 allocation.
The state was also generous to the College with the capital budget. In total, the FY23 capital funds came to $10.9 million. The legislature approved the governor's five-year capital improvement plan, which awarded the College $5 million for infrastructure improvement projects provided the funds be spent in the next three years.
The College was also allocated an additional $4 million in capital renovation funding in support of its Hilda C. Landers Library reimagining project.
Other allocations associated with the total include $1.9 million for construction of the chemistry and biochemistry teaching and research laboratories in Goodpaster Hall
Closing the tuition gap
The Board approved a 10-year budget strategy model developed to better align the College’s in-state tuition with that of the University of Maryland, College Park. Currently, the in- state tuition gap between the two institutions is about 23%.
The Long-Range Tuition Strategy will include freezing tuition as long as revenue and expense assumptions remain viable to the delivery of a top-tier honors college education for all. The model also factors in additional assumptions based on enrollment, a continued state funding formula, and additional revenues from events and conferences.
New faces
In her remarks at Friday’s meeting, President Tuajuanda C. Jordan welcomed the inaugural Vice President for Equity and Strategic Initiatives Dereck Rovaris, to whom the Inclusive Diversity, Equity, Access, and Accountability (IDEAA) unit reports.
“As we navigate the dynamism of today within the context of history’s impact on society, we are fortunate Vice President Rovaris has 30+ years of experience guiding institutions through these spaces,” she said.
Jordan also welcomed incoming student trustee Brayan Ruiz Lopez ’24 and acknowledged the FY23 Board of Trustee slate of officers: Susan Dyer chair; Paula Collins, vice chair; John C. Wobensmith ’93, treasurer; and Nicolas Abrams ’99, secretary.
Also, in leadership positions effective June 1, upon the resignation of Provost Michael Wick: Professor of French Katie Gantz will serve as interim provost and dean of faculty and Professor of Biology Jeff Byrd will serve as interim associate provost.
