The St. Mary's College of Maryland Board of Trustees met on Friday, June 14 and approved the fiscal year 2024-25 budget.
The FY25 budget reflected additional revenues of $1.07M (a 1.2% increase) over FY24, primarily due to increased state support, tuition, and auxiliary enterprise revenues for a total of $93,236,399. Despite a tuition freeze - now in its fifth year - being in place, overall tuition revenue increased due to enrollment growth.
FY25 expenditures increased a total of $1.4M (1.6%) over FY24 due to newly required expenditures, a salary pool for faculty and wage increases, annualization of prior year salary changes, and operational budget changes due to the addition of strategic initiatives. Total expenditures are $93,054,045 leaving a projected surplus of $182,354.
