KCTCS NEWS RELEASE – for immediate release
Contact: Brendan Lehane, KCTCS (859) 246-3305
KCTCS Regents approve budget for 2004-05 fiscal year
Lexington, Ky. (June 17, 2004) - Focusing on the priorities of students, faculty and staff, and communities across the Commonwealth, the Kentucky Community and Technical College System (KCTCS) Board of Regents took action today to approve an operating budget of $569 million for the 2004-05 fiscal year.
KCTCS regents approved the annual budget at a special meeting conducted via interactive video teleconference at eight locations across the state.
The budget reflects, among other funding sources, tuition rates already established by the Board of Regents, and the prospect of no increase in state appropriations for 2004-05.
The new budget will be effective July 1, 2004, unless changes are necessitated by a state budget or future action by the governor or by the Kentucky General Assembly, which has yet to approve a state budget.
“We recognize that all needs cannot be met within the funding available to us, so our resources must be used to fund the highest priorities,” said Cynthia L. Read, chair of the Board of Regents.
The 2004-05 KCTCS annual operating budget emphasizes priorities such as:
Funding salary increases and merit bonuses in 2004-05 for faculty and staff.
Funding fixed cost increases in existing employee benefit programs.
Funding for implementation of the faculty and staff classification and compensation plan.
Maintaining funding bases for all KCTCS colleges (including Lexington Community College) despite approximately $18 million in state budget cuts in the last three years.
Funding operations and maintenance costs for new facilities in 2004-05.
Funding a budget reserve of at least 3 percent of the recurring base of public funds.
The Board of Regents’ next regularly scheduled meeting is August 12-13, 2004, at Madisonville Community College
KCTCS colleges change lives by providing academic and technical associate degrees; diploma and certificate programs in occupational fields; pre-baccalaureate education; adult, continuing and developmental education; customized training for business and industry; and distance learning. For more information, visit www.kctcs.edu .