Board of Trustees Passes FY 2024 Budget
The Raritan Valley Community College Board of Trustees has approved a $57.1 million operating budget for FY 2024.
“The College is confronting two persistent challenges—declining enrollment and stagnant State funding—as it also faces higher costs in healthcare, utilities, and operating expenses. The new budget will ensure that RVCC has the critical resources to continue supporting our inspiring students, helping them transform their lives, while keeping tuition at an affordable level,” said RVCC President Michael J. McDonough.
The Board also approved a $4,148,407 major capital budget, of which $2,074,203 will be provided by Somerset and Hunterdon counties and $2,074,204 by the State through Chapter 12 funds. “We are very grateful to the Counties of Somerset and Hunterdon for their ongoing support of Raritan Valley Community College,” said Dr. McDonough.
The major capital budget will be used predominately for building and infrastructure projects. Some of the major components of the capital budget include:
• $3,190,000 for Workforce Training Center program expansion
• $300,000 for mechanical system and infrastructure upgrades
• $250,000 for major roadway repairs
• $108,407 for classroom renovations
The Board also approved a $750,000 minor capital budget, which is designated primarily for technology and other instructional and building-related equipment.
The operating budget reflects a 4% increase over last year. The increase is due to rises in costs for employee healthcare and other benefits, and a continued decline in the size of the area high school graduation classes.
The new budget includes a $6 per credit tuition increase, which the RVCC Board of Trustees approved at the March 28 Board meeting.
The budget now goes to the Board of School Estimate for approval at its meeting on May 17. The Board of School Estimate includes two county commissioners from Somerset County, two county commissioners from Hunterdon County, and two members of the RVCC Board of Trustees.
Ranked by WalletHub.com and Intelligent.com as the #1 community college in New Jersey, Raritan Valley Community College has been serving as an academic and cultural center for Somerset and Hunterdon County residents for over 50 years. The College has been nationally recognized for its service to the community, environmental stewardship, and commitment to diversity. It is home to a Planetarium, Science Education Institute and 3M Observatory; a Theatre offering professional performances for all ages; and an Honors College for high achieving students.
The College offers more than 90 associate degrees and certificates, as well as career training and professional development courses. RVCC is located at 118 Lamington Road in Branchburg, NJ. For further information, visit www.raritanval.edu.
FOR IMMEDIATE RELEASE
May 3, 2023
Media contact: Donna Stolzer, 908-526-1200, ext. 8383