在制定24财年预算方面, we were mindful that full recovery of operating budget revenues from the COVID-19 pandemic would extend through FY25 for items such as enrollment headcount and summer conference operations, creating headwinds for constructing a balanced operating budget, in spite of robust endowment market value gains in recent years. 

With the University’s goal of becoming a top national liberal arts institution in mind, we are developing plans for long-term operational investments necessary to achieve our aspirations. This will require supporting academic and student life excellence, which cannot be achieved through incremental budget enhancement or reallocation. 而, significant new funding will be required to fully fund these investments through incremental increases in endowment distributions, growth in net student revenues, 以及慈善支持, coupled with our ongoing efficiency improvements to manage growth in overhead expenses.

The FY24 budget focuses primarily on protecting and enhancing compensation support and mandatory expenses while maintaining flexibility. 具体地说, 和有意, we have limited growth in non-compensation related expenses in the FY24 budget in order to create budget flexibility for mid-year investments as we further develop long-term strategic initiatives. As has been our practice for the last several years, the University will review the budget in late summer, and if material changes are necessary, present a revised budget at the September 校董会 meeting.