CSU Pueblo did not raise their tuition last year as an incentive to prospective students, but instead suffered a drop in enrollment and were $5 million short of their budgetary needs.
The CSU Board of Governors unanimously voted to grant Pueblo the $5 million last month to help them balance their budget.
Last year, CSU Fort Collins raised tuition 9 percent, and has been able to successfully balance their budget this year.
“Dr. Tony Frank took a proactive approach to these financial issues,” said Associated Students of CSU President Nigel Daniels.
Daniels says that it is unfortunate that CSU Pueblo’s decision to not raise tuition did not work out the way they intended it to, but that it is the right decision to invest $5 million in the campus.
“This maintains the value of the CSU degree across the entire state,” Daniels said. “We are uniting all the campus together for a sustainable future.”
In order to combat their budgetary challenges, Pueblo plans to reduce expenses by $3.3 million for the 2014-15 fiscal year. Nineteen vacant university positions and 22 filled positions will be eliminated as part of this effort.
CSU Pueblo President Lesley Di Mare is grateful for the financial aid.
“This investment from the CSU System will give us the time we need to create a balanced budget for the upcoming fiscal year and to craft a long-term strategy to return CSU-Pueblo to financial health,” Di Mare said in a CSU press release. “While we must continue with our plan to reduce expenses, we are aggressively pursuing strategies to create new revenues streams, boost enrollment and gain operational efficiencies through partnerships with our sister institutions in the CSU System.”
Further declines in enrollment next year at CSU Pueblo may create additional budgetary losses. Enrollment projections will be more clear this spring, and the BOG plans to meet to discuss whether or not additional financial investment in the Pueblo campus will be necessary.
Collegian Reporter Caitlin Curley can be reached at firstname.lastname@example.org.