2020-10-21 14:40:01 –
The University of Minnesota State University predicts that enrollment this year will plummet by 6.2%, primarily due to the coronavirus pandemic.
This is somewhat better than the system’s previous forecast of a 7.7% reduction.
“At the system level, the situation is fairly stable compared to what the university expected in June,” Chief Financial Officer Bill Maki told the board on Wednesday.
Maki said there was a lot of variability between the 30 and 7 universities, with some enrolling more students than last year and others declining by more than 10 percent.
The updated budget shows Metropolitan State University and Minnesota State University. Mankato has to collect significantly more tuition than previously expected, but State Universities in St. Cloud, Winona and Moorhead have lowered their revenue targets.
Throughout the system, schools currently expect to spend a total of $ 51 million in reserves to make up for the shortfall. This is down from the June forecast of $ 58 million.
Minnesota has frozen tuition fees at last year’s level in the fall semester, as only 31% of the courses were offered directly.
Tuition fees for the spring semester have risen by 3%, but course implementation should look much like if cases of coronavirus in the state continue to rise.
Decline in housing income
So far, enrollment has been higher than expected, but self-funded services such as dormitories, meals and parking are bleak.
“It was a bit difficult to predict how much revenue-generating activity would take place,” said Steve Ernest, director of financial planning and analytics systems.
Revenue forecasts for these enterprise programs have been adjusted from $ 108 million in June to $ 95 million, with projected usage of funds on rainy days from $ 8 million up to $ 12.9 million.
According to Ernest, some schools may need to move funds from common funding reserves to cover the costs of these services, which are usually out-of-pocket.
According to the National Student Clearinghouse, undergraduate enrollment decreased by 4% from last year, but graduate enrollment increased by 2.7% this fall.
Prior to the pandemic, Minnesota predicted that enrollment would decline by 2.5% this year. The number of system registrations has been steadily decreasing since 2011. The campus is expected to grow slightly every two grades.