BRANCHBURG, NJ - The Raritan Valley Community College Board of Trustees has approved a $54.9 million operating budget for FY 2018.
The operating budget anticipates level funding from the State of New Jersey and the Counties of Somerset and Hunterdon.
The budget includes $750,000 in cost savings from an administrative restructuring and attrition, as well as a $4 per credit tuition increase.
“This budget carefully balances RVCC’s commitment to keeping a college education affordable with the need to invest in academic programs and support services that are critical to our students’ success. It reinforces our dedication to excellence that has been recognized by www.bestcolleges.com. The website recently ranked Raritan Valley Community College as the best community college in New Jersey,” said RVCC President Michael J. McDonough.
The operating budget reflects a 3.3% increase over last year.
The budget anticipates funding for the operating budget would come from the following sources:
Tuition and fees 63.8%
State of New Jersey 11.3%
Somerset and Hunterdon Counties 24.4%
Other (investments, rentals, etc.) .5%
(Auxiliary services are not included in these figures)
The new tuition of $147 per credit will take effect for the Fall 2017 semester.
The Board also approved a $3.2M major capital budget and a $750,000 minor capital budget for the upcoming fiscal year. The minor capital budget is designated primarily for campus computer and network-related enhancements. Some of the major components of the capital budget include:
$570,000 for renovations to the College’s oldest building—the Arts Building
$380,000 for improvements to the Planetarium including work on the dome and new seats and flooring
$425,000 for expansion of the Visitors Parking Lot
$400,000 for mechanical upgrades to the original section of the Whitman Science Center
The operating and capital budgets now go to the Board of School Estimate for approval. The Board of School Estimate includes two freeholders from Somerset County, two freeholders from Hunterdon County, and two members of the RVCC Board of Trustees.
Raritan Valley Community College’s main campus is located at 118 Lamington Road.