The LSU A&M 2014 fiscal year budget is expected to receive a $4.3 million increase in state allocations from the 2013 fiscal year budget, according to a Board of Regents document released to University presidents Thursday afternoon.
The increase in allocations is about 1 percent more than the $445.4 million the University was set to receive at the beginning of last year.
“This is the first release we have, but at least for the moment, it looks like we might have budget stability for the coming year,” said Interim System President and Chancellor William “Bill” Jenkins. “If we stick to this budget, it’ll be a great benefit to LSU.”
Jenkins said although he has seen and had a brief discussion about the budget, he has not been able to analyze its implications thoroughly.
“Part of it depends on student tuition and enrollment for that coming year,” Jenkins said. “[The Board of Regents] estimates what enrollment will be, and they’re hoping it will be up, but we’re just not sure.”
There is a long legislative process, and the budget won’t be finalized for a few months, Jenkins said.
“If [the funds] materialize, that would be great, but there is budgetary uncertainty. I think that’s fair to say,” Jenkins said.
The Board of Regents uses a funding formula to divide the higher education budget among state universities. The 2014 fiscal year funding formula was composed of money from the general fund and the overcollections fund, parts of the proposed total higher education budget.
The $284 million general fund and the $489 million overcollections fund is contingent upon processes that haven’t been completed yet.
About $348 million of the overcollections fund depends on contracts being signed, sales being made and other processes that could potentially not happen, which would result in a budget shortfall.