April 5, 2019
Our Board of Regents approved the university’s budget this morning for the next fiscal year. This budget will allow us to make strategic investments. It also includes a modest compensation increase for faculty and staff.
These investments are supported by funds from the state and through a 6 percent increase in tuition. Even with this increase, New Mexico State University continues to be a tremendous value for our students. Keeping our net cost low is important because it allows us to ensure a high degree of access. This results in a diverse student body able to earn a valuable degree from a nationally recognized university. Our students also have incredible access to faculty, research and internship experiences, and other opportunities that build a path to a rewarding career.
According to IPEDS data from the National Center for Education Statistics, our net cost is one of the lowest in the region and the average out-of-pocket expenses for our students attending today is actually less than what our students saw a decade ago. Our students graduate with a below-average student loan debt, which makes choices like graduate studies and home ownership possible.
Keeping experienced faculty and staff benefits NMSU through better service to our students and decreased turnover. Beginning July 1, all NMSU employees hired before Jan. 1, 2019, will receive salary increases from a 4 percent pool approved by the state Legislature and signed by the New Mexico Governor.
During the Board of Regents meeting, an additional $2.4 million was identified for strategic investments to support various student success efforts, starting with recruitment, retention to timely graduation and workforce preparation. In addition, the university will make investments to elevate research, support diversity and inclusion initiatives, provide additional security and enhance employee health services.
Despite the increased tuition, NMSU will still need to cover an additional $3.8 million budget shortfall. This deficit will be managed by making internal budget adjustments. The scholarship commitments made to students for the past several years will continue to be honored.
It cannot be overstated that we would not be able to provide our top quality teaching, research and outreach efforts without our dedicated employees. Thank you for everything you do to make this one of the best universities in the country.
Thanks, and have a great weekend!
Dan Arvizu, Chancellor
John Floros, President