Pennsylvania College of Technology’s Board of Directors approved a $109 million operating budget for 2015-16 that features the smallest tuition increase – 2.78 percent – since the institution became a special mission affiliate of Penn State in 1989.
The $109,023,100 operating budget reflects an increase of less than 1 percent (0.95 percent) over 2014-15. It includes no increase in the college’s state appropriation of $17,584,000. State appropriations account for 16.1 percent of the college’s 2015-16 operating budget and 11.4 percent of its total budget.
The college’s total budget for 2015-16 will rise by 1.2 percent to $154,055,500. The college’s revenue-generating auxiliary fund budgets will total $29 million. The restricted current fund budget – which includes grants, contracts and restricted donations for which outside entities (such as governmental agencies) direct the use of the money – is $16.1 million.
“As always, our No. 1 priority in budgeting is keeping tuition increases as low as possible for Penn College students and their families,” said President Davie Jane Gilmour. “The team working on this budget was committed to creating a responsible plan that meets that principal goal and ensures that we have the funds required for special initiatives and continued delivery of the highest-quality academic programs.”
Penn College establishes its own rates for tuition and fees, which comprise the bulk of its revenues. Annual costs for Penn College students are based upon per-credit-hour fees; the number of credits for which a student is registered determines the actual cost.
If tuition and fees are combined, the increases for 2015-16 are 2.33 percent for Pennsylvania residents and 2.46 percent for out-of-state students.
For Pennsylvania residents, tuition and fees in 2015-16 will be $527 per credit hour, an increase of $12 per credit over the current year. In-state students account for 88 percent of the college’s total enrollment. A full-time, in-state student enrolled for the typical two 15-credit semesters in 2015-16 will pay $15,810 in tuition and fees, an increase of $360 over 2014-15.
Tuition and fees for an out-of-state Penn College student will increase $18 per credit – to $749 per credit hour – in 2015-16. A full-time, out-of-state student enrolled for two 15-credit semesters in 2015-16 will pay a total of $22,470 in tuition and fees, an increase of $540 over 2014-15.
Dining Services and Residence Life at Penn College have established increases of 2.5 percent for the cost of meal plans and on-campus housing in the 2015-16 academic year.
To assist students with their educational expenses, approximately $93 million in financial aid – from a variety of federal, state and local sources – was awarded to more than 85.5 percent of all Penn College students in the most recent year for which data is available.
Employee benefits will rise by 3.45 percent overall in 2015-16, attributable mostly to costs for providing health insurance and state retirement plans.
Eighteen full-time employee positions were eliminated from the 2015-16 budget, and the hiring of other positions has been deferred, generating savings of more than $1.8 million in salaries and benefits. The positions include those in all employment categories: professional, classified, service staff and faculty.
The 2015-16 budget includes gifts of $100,000 to the City of Williamsport and $35,000 to the Williamsport Area School District. Both voluntary contributions are re-evaluated on an annual basis.
The state Legislature has not yet passed its 2015-16 budget. At a meeting in April, the Penn College Board of Directors authorized the college to continue operating at 2014-15 adjusted budget levels until a 2015-16 state budget is passed and signed into law.
For more about Penn College, visit www.pct.edu, email admissions@pct.edu or call toll-free 800-367-9222.