The Jefferson College’s newly adopted budget for fiscal year 2023 calls for a tuition increase of $4 per credit hour for students who live in Jefferson County.
College Board of Trustees members voted 6-0 June 9 to approve the FY23 budget, which goes into effect July 1 and runs through June 30, 2023.
The increase will raise the credit hour cost from $114 to $118 for students who live in the county and from $171 to $177 for students who live in Missouri but outside the county.
The cost will be $228 to $236 for students who live outside the state.
President Dena McCaffrey said even with the increase, Jefferson College’s credit hour cost remains competitive with other Missouri community colleges.
“We’re in the middle of the pack for community colleges across the state,” she said.
McCaffrey said the increase should bring an estimated $280,000 in additional revenue to the college.
She noted that the college’s expenses are expected to increase from $31.9 million this fiscal year to an estimated $34.6 million in the 2023 fiscal year.
“A significant portion of this year’s increase in expenses is related to salaries and benefits, which is the most significant portion of any educational institution’s budgets.”
The new budget includes salary increases, which board members approved by a 5-0 vote on April 14, saying the raises were needed to be competitive when hiring and keeping employees.
The pay increases, which take effect July 1, include a 2-percent step increase for all eligible employees and varying cost-of-living increases.
“Our lowest-paid employees are getting the highest percentage of increase,” McCaffrey said. “The lowest-paid employees’ raises are coming in at about a 7-percent increase.”
Faculty, certified staff and administrators are receiving 1.5-percent cost-of-living raises.
McCaffrey said the cost to the college to give the salary increases is “just over $770,000.”
The board agreed on Jan. 1 to raise McCaffrey’s salary from $172,550 to $173,400 as a mid-year adjustment for the 2021-2022 school year.
She will see her salary increase to $179,525 starting July 1 under recently approved pay raises.
Board member Krystal Hargis was absent from the April meeting, and board member Margie Passmore was absent from the May meeting.