Had to make cuts after facing $1.8 million deficit last year
MIDWAY, Ky. (Sept. 5, 2014) — Despite facing financial challenges Midway College ended Fiscal Year 2013-14 with a balanced budget in every department, Dr. John P. Marsden, president of Midway College said today. The school had a budget deficit of $1.8 million in fiscal year 2012-13.
“Before I arrived in February 2013, I was incorrectly told there would be a balanced budget,” Marsden said. “Once on campus, I discovered significant budget issues and we immediately took action to remedy this trend.”
In order to balance the budget Centre had to make some cuts, including
releasing 14 faculty members; suspending the employee retirement match; outsourcing dining and physical plant services; establishing a new tuition payment process to improve current year collections; and implementing better collection procedures from prior years with significant balances due.
“Had those changes not been made, we would not have been able to balance our budget,” Marsden said. “Two major developments that helped us end the year positively were our increased fundraising efforts which showed a 60 percent increase from FY12-13 to FY13-14 (exclusive of estate gifts) and our new international partnership with IFARHU in Panama. This non-credit College Readiness Program generated significant revenue that helped the college balance its budget.”
The College’s overall enrollment this fall is 1,140, down from 1,362 from this time last year. Women’s College enrollment remained stable at 294, up 2 rom 2013, with 17 more students living in the residence hall this year. The decrease in enrollment was among non-traditional students.